Friday was yet another blood bath on Wall Street. By Friday afternoon, Dow fell 200 points to cap wild market week as investors brace for earnings ahead. Just a day before, Wall Street posting a historic turnaround rally as investors digested inflation expectations. Stocks fell to session lows after a consumer survey from the University of Michigan showed inflation expectations were increasing, sentiment that the Federal Reserve is likely watching closely. The tech-heavy Nasdaq led declines as growth companies are most sensitive to interest rate hikes. 10-year U.S. Treasury year topping 4% for the second time in two days as investors react to higher inflation expectations.
With high volatility and uncertainty gripping the markets there were some big winners on Wall Street. Imara Inc (NASDAQ:IMRA) shares surged more than 37% on Friday after the company announced merger to create Nasdaq-listed, clinical-stage biopharmaceutical company focused on advancing Enliven’s portfolio of precision oncology programs. Avenue Therapeutics Inc (NASDAQ: ATXI) gained more than 30% on Friday and traded at $3.23 after the company announced that Aegis Capital Corp. acted as Sole Bookrunner on a $12 Million Underwritten Public Offering for Avenue Therapeutics, Inc. (NASDAQ:ATXI).
One small cap company that we would like to draw your attention to is Hillcrest Energy Technologies Ltd. (HLRTF). Hillcrest Energy Technologies is a clean technology company developing high-value, high-performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems. From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future. Hillcrest is publicly traded on the CSE under the symbol “HEAT,” on the OTCQB Venture Market as “HLRTF” (1).
On October 11, Hillcrest Energy Technologies announced that James Bolen has been appointed as Chief Commercialization Officer. Bolen has served as an advisor to Hillcrest for the past nine months and now transitions into his new role as the company’s Chief Commercialization Officer. He brings decades of experience developing and commercializing products for the automotive and industrial power sectors.
So what makes HLRTF a potential, attractive candidate for traders and investors?
As per Mr. Bolen “Hillcrest is making strong advancements in the commercialization of its innovations, consistent with our technology and product development roadmap,” . “Most critically, the development program is centered around a high level of customer intimacy to ensure strong customer requirements and product specifications, followed by application-specific customization. I’m thrilled to be taking on this new role within the Hillcrest team and look forward to my expanded involvement in engaging and securing commercialization partners.”
The seconds reason why HLRTF could garner attention from traders and investors is the progress on the company’s first commercial prototype, a 250kW, 800V ZVS (Zero Voltage Switching) electric vehicle inverter, continues on schedule. Many of the major challenges have been solved and the focus now shifts toward the final high-power specifications identified by potential customers. Delivery of the Hillcrest ZVS inverter commercial prototype remains on track for Q4 2022. Further, Hillcrest has granted incentive stock options to certain employees, officers and consultants of the company to purchase up to 1,433,333 common shares in the capital of the Company, pursuant to the share option plan. The options are exercisable on or before October 7, 2027, at an exercise price of $0.15 per share and are subject to various vesting criteria (1)
In addition, HLRTF also announced a non-brokered private placement and a temporary warrant exercise program. Hillcrest’s non-brokered private placement consists of up to 20,000,000 units of the company (“Units”) at a price of CDN $0.12 per Unit (“Offering”). Each Unit consists of 1.2 common shares.
As always, conduct your own due diligence and follow trader’s vigilance. Some of the other companies in the Clean Tech sector to keep an eye on include Sunrun (NASDAQ:RUN), SES AI (NYSE:SES), ABB (NYSE:ABB), Atkore (NYSE:ATKR), FuelCell Energy (NASDAQ:FCEL) and Vicor (NASDAQ:VICR).
Source 1: https://finance.yahoo.com/news/hillcrest-appoints-james-bolen-chief-120000147.html
Source 2: https://finance.yahoo.com/news/hlrtf-intriguing-development-stage-ev-100000938.html
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