RBNW Closed Up 965% Friday, After A Filing Suggested
Plan For A Reverse Merger With Lust For Life Footwear, LLC.
The hottest and most talked about penny stock over the course of the past weekend and into Labor Day today has been Renewable Energy & Power, Inc., (PINK:RBNW) due to widespread expectation that this company is undergoing a major reverse merger with Lust For Life Footwear, LLC.
The Planned Reverse Merger Is An Agreement By Renewable energy & Power, Inc., To Purchase 100% Of The Membership Rights Owned By Lust For Life Footwear, Inc:
The expectation for a reverse merger was sparked by an 8-K filing released by RBNW on August 23rd 2019 stating that the company entered into a Membership Purchase Agreement with Lust For Life Footwear, LLC in which 100% of the membership interests of Lust For Life were purchased for 77,789 shares of B Preferred Stock of the company. According to the filing after the completion of this deal RBNW will seek to become fully current with OTC filings, as opposed to the companies current Stop Sign Rating with OTC markets.
To say that the news of this agreement had a positive effect on RBNW trading would be an extreme understatement because on Friday August 30th 2019 it was one of the most powerfully traded stocks on the OTC and saw a close up 965% on a move from the prior close at $.008 to Friday's close at $.0852. Needless to say RBNW was the fastest moving stock of the day Friday which should not come as any sort of surprise due to the heightened attention combined with the tight share structure that is at play here.
RBNW Commands A Very Well Managed Share Structure, Allowing For The Sort OF Swift Movement Seen Friday:
As per the official tally reported by OTC Markets just last Thursday the official share structure was listed as follows:
Authorized Shares: 1,000,000,000
Outstanding Shares: 46,115,308
Restricted Shares: 35,046,398
The above share structure information barring any upcoming dilution is incredibly small for a penny stock that is picking up the sort of attention that RBNW is, so the share price is able to move up and down quickly on mid-level buy and sell pressure but further heightened buying or selling can move the price exponentially. There is still significant upside potential for RBNW being that the completion of the reverse merger is expected by many, to see the price move up numerous multiples from here. On the counter side of that argument though, are the fact that a non completion of the expected reverse merger could see the price plummet back under $.01 and even if the reverse merger is fully completed, the 1 billion authorized shares leaves a significant amount of room for new shares to be issued and sold into the market.
The CEO Of Lust For Life Footwear, LLC Is Heavily Involved In The World Of Fashion And Has Overseen A Wholesale Sales Division That Registered Over $100 million In Sales For Steve Madden LTD:
Karen Berend is the CEO of Lust For Life Footwear, LLC and her past role as as Director of new business development for Steve Madden, Ltd goes to show why there is such powerful excitement for her potential takeover of RBNW. This is because within 6 months of attaining that role she she launched Steve Madden's Landed Branded Wholesale business which resulted in annual sales of $31 million within three years of launch. Karen also developed a second wholesale division called “Madden Girl” which reached $100 million in annual sales within six years of launch.
After seeing the above accolades of the CEO of Lust For Life Footwear, it comes as no surprise to see that there is incredible excitement surrounding the question of what she may do with RBNW if this reverse merger is indeed completed. As always, we caution that these sorts of deals in penny stocks are often canceled or found to even be entirely untrue but we do also have to maintain that if the deal is completed and the CEO grows the company in the same manner that she did the divisions that she launched at Steve Madden this could become a stock that would eventually trade among the blue chip stocks on the NASDAQ and NYSE. The current market cap of RBNW is under $4 million, so knowing that a division that she launched for Steve Madden attained over $100 million in annual sales is a major factor in the scramble by many traders to pick up shares because there is strong potential that if the deal is completed with Karen Berend as CEO for RBNW after the reverse merger, it could eventually hit the golden scenario for stocks below $.01 to $.10 and attain a level well above $1 per share.
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