Historical review · Original article: June 10, 2023 · Reviewed October 3, 2026
An old penny-stock list can become misleading when symbols, share counts or the securities themselves change. Verify the instrument before evaluating the story.
This review revisits the four companies in InvestPips’ 2023 “hidden gems” article. It corrects the treatment of shares and warrants, records a later ticker change and replaces unsupported growth claims with a practical research checklist. It does not rank these companies, confirm their present listing status or recommend them today.
Similar symbols can represent different securities with different rights and risks.
A low share price alone does not establish a company’s market capitalization or value.
The four names in the historical article
The table records what the June 2023 article named. Symbols are historical references, not a live security directory. The original article supplied neither a reproducible selection method nor a consistent date for its valuation claims.
Scroll across the table to see all columns.
| Company | Symbols printed in the original | What needs attention |
|---|---|---|
| Guardforce AI | GFAI, GFAIW | The symbols identified shares and warrants, respectively; they were not interchangeable stock listings. |
| American Battery Technology Company | ABML | Later September 2023 announcements covered a reverse split and the planned Nasdaq symbol ABAT. |
| NEXE Innovations | NEXNF, NEXE | Identify the specific venue, currency and security. The old market-cap and industry forecasts lacked usable dated sources. |
| China SXT Pharmaceuticals | SXTC | Read issuer filings and corporate-action history. The original promotional company description did not establish investment merit. |
“Penny stock” and “microcap” should not be used as synonyms for every small or low-priced security. The SEC’s microcap investor guide describes company size in terms of market capitalization. A per-share quote measures something different: the price of one unit of ownership.
Two corrections that change how the list is read
Guardforce: distinguish the share from the warrant
A Guardforce announcement filed with the SEC on February 9, 2023 explicitly identifies GFAI for shares and GFAIW for warrants. The original article printed both symbols without explaining that distinction.
A warrant’s terms can include an exercise price, an expiration date and adjustment provisions. Its value and potential outcome therefore cannot be assessed as though it were an ordinary share. Read the actual warrant agreement and subsequent amendments; this review does not reproduce or verify current warrant terms.
American Battery: keep later events in their proper order
The company’s September 11, 2023 announcement described a 1-for-15 reverse stock split effective that day. Its September 20 announcement reported Nasdaq approval and expected trading under ABAT to begin September 21.
Both announcements came after the June article. They illustrate why a saved ticker or unadjusted price series can become unreliable; they do not mean the original author knew those later events. This review cites the announcements as dated records, not as proof of present trading availability.
A reverse split changes the units
Consider an invented 1-for-15 reverse split. The example below assumes an exact whole-share holding and no price movement, fees or fractional-share adjustments. These are synthetic numbers, not American Battery’s historical prices or returns.
Scroll across the table to see all columns.
| Stage | Shares | Illustrative price | Holding value |
|---|---|---|---|
| Before | 1,500 | $0.40 | $600 |
| After 1-for-15 consolidation | 100 | $6.00 | $600 |
The arithmetic is 1,500 ÷ 15 = 100 shares and $0.40 × 15 = $6.00 per share. The mechanical price increase creates no extra value in this illustration. Actual trading prices and the treatment of fractional shares can differ.
A higher quote is not automatically a gain
When comparing historical prices, check split adjustments and the share count. Comparing an unadjusted pre-split quote with a post-split quote can manufacture an apparent return that the holder never earned.
A research checklist before considering a low-priced security
The SEC’s microcap guide highlights limited information, thin trading and manipulation risks in this part of the market. Those are general risk considerations, not allegations about the four named companies.
- Match the instrument. Confirm the legal issuer, share class, exchange or quotation venue, currency and any warrant or depositary-receipt terms. Record the date of that check.
- Find the filings. Locate the latest financial statements and material announcements through official issuer and regulator sources. Note missing or late disclosures and which reporting regime applies.
- Investigate financing. Check cash, operating cash use, debt obligations and potential new shares from financing arrangements or warrants. A product story does not answer how operations will be funded.
- Inspect tradability. Check the bid–ask spread, recent trading activity and the broker’s restrictions. A displayed last price does not establish what an order of your intended size can achieve.
- Challenge the promotion. Separate verified results from targets, addressable-market estimates and paid publicity. A large possible market is not the company’s revenue.
- Define the loss exposure. Consider what losing the full amount would mean for your plan. A low unit price does not make a position low risk.
Put security selection in context
Understand investment types · Review portfolio concentration · Read the broader 2023 stock-list review
Sources and method
Reviewed October 3, 2026 using the original InvestPips list, the linked 2023 issuer announcements and SEC investor education. This is an identity and methodology review, not a fresh screen of all four companies. Current quotes, market capitalizations, listing compliance and investment suitability have not been established here. The reverse-split example is original illustrative arithmetic.
Advertising does not determine the companies retained in this historical record. See our editorial and advertising standards.
What changed in this update
Removed “hidden gems” endorsements, unsupported market-size and market-cap figures, and unattributed issuer-style promotional passages. Distinguished Guardforce shares from warrants, dated American Battery’s later corporate actions and separated low share price from company size. The original URL and publication date remain intact.
Educational information, not a recommendation to trade. Low-priced securities can be difficult to sell and can lose all their value.