As an OTC shell waiting for a reverse merger, GEMZ Corporation (OTC: GMZP) has been gaining momentum as it becomes one of the top penny stocks today. After the announcement of its change in management, the stock ran roughly 1,200% since the start of March. The catalyst for this run up was Stephen Carnes who was hired as GMZP’s CEO. Carnes has quite the resume, since he has previously worked on mergers for OTC shells like Aqua Power Systems, Inc. (OTC: APSI) and Tocca Life Holdings Inc. (OTC: TLIF) which ran on their merger news. Given his track record, investors are confident GMZP could finalize a merger and emerge as one of the top penny stocks today.
GMZP Stock News
With the goal of finding a reverse merger, GMZP appointed merger specialist Stephen Carnes as its new CEO. This led the company to relocate its corporate address to Winter Park, Florida where Carnes maintains corporate offices for his growing portfolio of companies.
Many investors believe Carnes has the potential to develop GMZP into one of the top penny stocks today thanks to his track record. Under Carnes’s management, APSI acquired transportation and logistics company Tradition Transportation Group Inc. – which recorded $87 million in 2021 revenues. Swiftly after the merger, APSI ran from $0.01 to over $0.7 and Carnes stepped down as APSI CEO before moving on to become TLIF’s new CEO.
Soon after this, TLIF acquired Be Climbing Inc. – a fitness and rock climbing startup company founded by Carnes in 2021. Following the merger TLIF ran from $0.02 to $0.18. The two mergers under Carnes’ management ran a minimum of ten times their initial price and appear to have completed their mergers with zero dilution to shareholders. With this in mind Carnes could put GMZP on track to becoming one of the top penny stocks today.
To facilitate its search for a merger candidate and increase transparency for shareholders, GMZP has established a twitter account. It recently shared with investors that it had several productive calls with an acquisition target. Later on, GMZP stated that it had ordered the NOBO list, which was the last OTCM item requested during review. Finally, the company shared that it has gained OTCIQ access and will have more updates soon. The company has successfully posted its amended 2022 annual report after gaining access – another sign that it is working towards a merger.
According to its amended filing, GMZP has no convertible notes and its debts are considered distinguished as of December 31, 2022. Moreover, GMZP reported a net operating loss of $72 million. As a result, the company expected no net deferred tax assets to be recognized. Thanks to its attractive filings and CEO Steve Carnes, GMZP could be on its way to securing a profitable merger.
Media Sentiment
Investors like @bendetto_frank are no strangers to Stephen Carnes’ playbook and anticipate that GMZP will find a lucrative merger soon
GMZP’s run up is bringing back memories of the old OTC days for @angryred316
Technical Analysis
GMZP stock is in an upwards channel with it trading above the 200 MA. Prior to the news that Carnes was bought on as CEO, GMZP was trading near its $0.0013 support. But this catalyst soon caused GMZP to run 516% only two days after the company officially announced the change in management. GMZP continued its run up, breaking through its $0.0087 and $0.0129 resistances.
Now, GMZP is trading above the 21 and 50 MAs and the RSI is approaching overbought at 67. The MACD is bullish but is approaching a bearish crossover. Accumulation has risen with this run up as many investors wait for news regarding GMZP’s merger.
GMZP Stock Forecast
With the company hiring Stephen Carnes as CEO, GMZP could witness a surge similar to APSI and TLIF. As an attractive shell, GMZP’s merger will be a catalyst to watch for in the weeks ahead. Right now, the company is actively sharing updates with shareholders on its Twitter account and has gained OTCIQ access – allowing the company to upload its Amended Annual report in accordance to OTC disclosure guidelines. This progress signifies that GMZP is taking the necessary steps to secure a promising merger and its run up over 1,000% represents investor’s enthusiasm for the path ahead. Since GMZP could secure a promising merger deal soon, it is quickly becoming one of the top penny stocks today.
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