In an effort to gain capital to keep pace with its expansion plans, Penn Octane Corp. has retained the services of CIBC World Markets Corp. to explore various strategic alternatives. Penn CEO Jerry Richter said that the alternatives could include a major cash infusion, a merger with a company that is synergetic with the $101 million market cap Penn, an acquisition by Penn or an outright sale of the company. He did not place a time frame on this process, saying only that it was “ongoing.” The stock price rose 13 cents to $7.13 on the June 5 announcement. At press time, it closed at $8.38.
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