There are few stocks today on the TSXV that are trading green, as most cannabis stocks have been trading red across the board. Among the few seeing gains is StorageVault Canada Inc. (TSXV:SVI). The industrial company is up nearly 20% for the year and just announced big news today.
StorageVault Canada Expands Portfolio
StorageVault is a Toronto-based leasing storage space company in Canada. The industrial company operates in two different segments, portable storage, and self-storage. Currently, StorageVault operates 149 stores and has 90 company-owned stores. It operates around 3,5000 portable storage units under the PUPS and Cubeit brand names.
This morning, StorageVault Canada announced it acquired the additional 38 stores it operated but did not own. This transaction was worth around $275 million. The completion of this acquisition will close in Q2 2019.
The press release explains:
“No new insiders will be created, nor will any change of control occur, as a result of the Acquisition. Completion of the Acquisition is subject to a number of conditions as disclosed above and as set forth in the purchase agreement. There can be no assurance that the Acquisition will be completed as proposed or at all. The TSX Venture Exchange has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this news release.”
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The rise in its share price today is likely due to this announcement. Still, the acquisition still needs approval from the TSX Venture Exchange. If approved, the industrial stock could continue to climb.
StorageVault Canada Stock Movement
At the time of writing, the industrial stock is one of the top trading stocks by daily volume on the TSXV. If you’re looking for a penny stock to add to your portfolio, SVI is one to consider based on its growth in 2019. According to Yahoo Finance, SVI is trading at $2.84 a share, up +$0.14 (+5.19%). Year-to-date, the industrial stock is up 19.32%.
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