Cipherpoint Limited Down 50%
Cipherpoint Ltd (ASX:CPT) turned bearish as the broader Australian market came under pressure as the global economy faces uncertainty amidst the coronavirus pandemic. The stock fell by more than 50% in line with a sell-off wave that began early in the month.
The sell-off comes just days after Teddy Pretty confirmed he was stepping down from the role of executive chairman to non-executive chairman. Investors continue to push the stock lower even on management, insisting focus shifts towards providing data security solutions to the enterprise market.
Similarly, Cipherpoint Limited has confirmed plans to grow sales revenues by building a pipeline of prospects and opportunities. The push comes at a time when digital marketing of the company’s products cp.Discover and cp.Protect continue to resonate well with customers.
The company has already expanded its footprint into Germany in pursuit of sales opportunities as part of broader European marketing activity.
Similarly, Cipherpoint Limited has inked a strategic partnership with Total eBiz Solutions to pursue opportunities in Singapore.
Cipherpoint Limited’s cash position remains solid and should be able to support strategic initiatives intended to accelerate the new phase of growth.
Marenica Energy Down On Going Concerns
Marenica Energy Ltd (ASX:MEY) fell by more than 45% after it rattled investors by arising concerns about its ability to continue operating as a going concern. The company is fresh from reporting a wider than expected net loss of $803, 847 for the six months ended December 31, 2019. Similarly, the company’s net operating cash flow have shrunk to $790,585.
In a press release, the company has confirmed that its ability to continue operating as a going concern and meet debt and future commitments is dependent on two things. First, the company will have to obtain financing through equity debt or hybrid financing. Secondly, the company might have to sell some of its assets.
Separately Marenica has moved to expand the land package as part of its flagship project in Namibia. The company has consequently entered into a joint venture with the holder of Exclusive Prospective License EPL to hold a contiguous land package in the highly prospective Namid desert in Namibia.
Orminex Limited Down 30%
Orminex Ltd (ASX: ONX) stock fell by more than 30% even as it provided a positive update as part of its Comet Vale gold project in Western Australia. The company has confirmed that mining operation at the flagship project are progressing well towards a target capacity of 10,000tpm. In February, the total gold production from the project totaled 1,120 recovered ounces at 91.3%. Similarly, the company’s mining contractor has confirmed that the next processing campaign of about 20,000 tonnes will be in April.
The junior mining company had invested close to $14.5 million as of December 3, 2019. Since the mining contractor has completed two additional, processing campaigns. Conversely, the company’s networking capital stands at about $19.5 million, reflecting the low recovered grade. Orminex Limited has so far received its first repayment of working capital totaling $250,000 from net gold proceeds.