PEN is lagging so much behind its peers even though it is...

PEN is lagging so much behind its peers even though it is probably the closest to production. The 7.5c placement and subsequent options at 10c strike is going to be a large drag. Obviously one positive is they get $40 m if all options are exercised.


But it’s a catch 22. I don’t see the SP breaking out of this malaise for a while yet. Seen to be stuck in the 10-12 c range with random shots to 14c. Large glut of offers between 12-17c. If it happens to break out of 17c then maybe a chance to run. It’s in the draw until back Half of this year.