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FOCUS LIST🔎

RDZN – Up over 50% in the pre-market after reporting record revenue growth 

SYTA – Up over 20% in pre after announcing it had committed to a significant strategic investment in Canadian Towers & Fiber Optics with a focus on Latin America and Mexico

BENF – Up over 5% in pre after announcing termination of SEC investigation

HOTLIST🔥

RDZN – Up over 50% in the pre-market after reporting record revenue growth 

Roadzen Inc. (RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Roadzen’s technology is used to build new products, sell insurance, process claims, and improve road safety.

In the after-hours yesterday, the company reported full year earnings.

Highlights include:

Full year revenue of $46.7 million, up from $13.5 million in the prior year, a 245% increase.

Net loss of $99.7 million is impacted by non-cash, non-recurring and extraordinary items, resulting in an Adjusted EBITDA1 loss of $10.4 million, a 5.1% increase over last year.

As of March 31, 2024 RDZN had 33 insurance customer agreements (including carriers, self-insureds and other entities processing insurance claims), compared to 26 in the prior year; 68 automotive customer agreements in fiscal 2024 compared to 23 in the prior year; and approximately 3,200 agents and fleet customer agreements in fiscal 2024 compared to approximately 2,000 in the prior year.

Cash on hand as of March 31, 2024 was $11.2 million compared to $0.6 million on March 31, 2023.

The stock traded up over 50% in the pre-market in reaction to the financial results.

The $2.40 area acted as support in the pre-market and will be an important level to watch.

Above it, targets to the upside are $2.60, $2.80 and then the pre-market high $3.01. Beyond that, $4 and $5 come into play.

Below $2.40, targets to the downside are $2.25, $2, $1.80 and then a gap fill at $1.62.

SYTA – Up over 20% in pre after announcing it had committed to a significant strategic investment in Canadian Towers & Fiber Optics with a focus on Latin America and Mexico

Siyata Mobile Inc. (SYTA) is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives.

In the pre-market this morning, the company announced it had committed to a significant strategic investment in Canadian Towers & Fiber Optics with a focus on Latin America and Mexico.

Canadian Towers & Fiber Optics Inc. (“CT&FO”) is a Canadian based company that develops, constructs and owns telecommunications infrastructure in the flourishing telecommunication market in Mexico.

CT&FO is focused on tower development in the attractive telecommunication market of Mexico with plans to expand to other Latin America countries through its extensive relationships in the region.

Siyata CEO, Marc Seelenfreund, commented

 “Our investment in CT&FO provides us with an entrée into Latin America through an established and fast-growing telecommunications partner. Through this partnership, we will have the opportunity to collaborate with a leading cell tower company to develop new business opportunities for our PTT handsets in Central Mexico and across Latin America as CT&FO further expands its business.

SYTA traded up over 10% in the pre-market in reaction to the news.

The first target for bulls is the pre-market high at $1.13.

Beyond that, $1.35, $1.50, $2 and $2.30 come into play.

Below $1.13, targets to the downside are $1, $0.90, $0.85, $0.75 and then a gap fill at $0.7390.

BENF – Up over 5% in pre after announcing termination of SEC investigation 

Beneficient (BENF) is a technology-enabled financial service company that provides liquidity solutions and related trust, custody and administrative services to participants in the alternative asset industry. The company operates through Ben Liquidity, Ben Custody, and Customer ExAlt Trusts segments.

In the pre-market this morning, the company announced that the Securities and Exchange Commission (SE”) has issued termination letters to the Company and its founder, Chairman and Chief Executive Officer, Mr. Brad Heppner, advising that the SEC has concluded the investigation and does not intend to recommend an enforcement action by the SEC under the previously issued Wells Notices.

As a result, the Company requires additional time to update its Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the “Annual Report”) and complete its procedures related to the updated information prior to filing the Annual Report.

Additionally, the Company’s earnings webcast and earnings release for its fourth quarter and Fiscal 2024 previously scheduled for July 2, 2024 at 8:30 a.m. Eastern Daylight Time has been postponed.

The stock traded up over 5% in the pre-market in reaction to the news.

The first target for bulls is the pre-market high at $2.40.

Beyond that, $2.60, $2.80, $3, $3.30, $3.50, $4 and $4.38 come into play.

Below $2.40, targets to the downside are a gap fill at $2.08 and then $1.90.

MARKET NEWS 📰

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