Snow Lake Resources [LITM] - Last Close: $2.36
Snow Lake Resources is surging ahead of today's open.
The Winnipeg-based lithium explorer is rallying in the premarket, but the company hasn't announced any major moves.
Instead, the rally seems to be tied to surging EV prices and recent reports on the topic from prominent financial publications.
Today, The Wall Street Journal published an article on skyrocketing lithium prices resulting from soaring demand for electric vehicles.
Lithium is currently going for about $71,000 per metric ton in China, almost four-times higher than its price last year and just under a new all-time high set in March.
Investors are betting LITM could be in a key position to capitalize on the emerging opportunity. Shares are up 14.0% on the bullish sentiment.
My Take: LITM has a very small float, with just 17.8 million shares in circulation. It's possible this move is the result of a coordinated push designed to capitalize on the lithium buzz. Be careful you don't get left holding the bag if you decide to dabble here.
RA Medical Systems [RMED] - Last Close: $0.1419
RA Medical is trending after a Tuesday evening announcement.
The medical device firm is rebounding sharply after it announced shareholders voted in favor of a dramatic reverse stock split.
According to a recent SEC filing, shareholders approved plans for a reverse split, and the board decided on a 1-for-50 exchange ratio.
RA Medical will begin trading on a split-adjusted basis on October 3rd.
The company also recently announced an all-stock reverse merger with privately-held Catheter Precision.
RMED is one of the premarket's most actively traded stocks, and it's showing a 26.9% gain.
My Take: The reverse split doesn't have much of a material impact on the company, but it could help in listing compliance and other areas. The move seems a little overdone, but the stock just set a new 52-week low, so today's gains could be the result of a rebound rally as well.
