Panamera Holdings Corporation (OTCMKTS:PHCI) on March 30, 2022 announced execution of binding letter of intent for acquiring Houston-based ArshamAluminum Alloys, LLC from Mid-Continent Metals Group, LLC. As a result of the letter, Arsham will merge with Panamera as wholly owned subsidiary through share exchange agreement and the transaction will close in April 2022.
Market Reaction
On Wednesday, PHCI stock ended flat at $10 with 22 shares, compared to its average volume of 65 shares. The stock moved within a range of $10.00 – 10.00 after opening trade at $10.
This would make Panamera Holdings the leading secondary smelter of aluminum in the Southwest Region of the country. Panamera’s near-term expansion plans will be focusing on Gulf Coast, Midwest as well as South-Central United States. In the last 18 months, much investment has been done for modernising equipment as well as plant of ArshamAluminum Alloys as well as the expansion of the executive team. Currently, it is in a unique position for executing the business plan and service non-ferrous needs of construction, automotive, aviation, aerospace, and equipment markets.
- Benjamin Jennings, Chairman and CEO, has assembled a robust team having expertise and discipline. Jennings has an incredible track record of investing in waste management and metal recycling industries. He added that the firm has opportunities comprising an extensive pipeline but its core strength is commitment to building shareholder value. Jennings added that the Panamera team has strongest connections and skill sets across all industry segments.
Bill Van Pelt IV, a principal of Arsham Holdings said that he believes in environmental integrity and manufacturing in the United States.
