Hey there,
I'll be honest - don't know much about this US-listed penny stock. Certainly looks like its benefited from momentum buying at the height of the meme stock buying, so possible it got swept up in that chaos. Their website is terrible and data providers don't have much on it.
Looks like a New Zealand based company as it reports in NZ$ - I only have annual statements to go off of and not surprisingly, it received a non-compliance notice from Nasdaq as its price is below $1.00. It has 180 days in which to rectify this before delisting. The company soared on merger news earlier this month, but failed to name the partner. As you mentioned it also has $270M in cash thanks to funds raised and the sale of its Brendon brick-and-mortar operations.
The problem is...beyond that - one has no idea what the plan is or what the business is gonna look like. We'd need to know who the partner is, what that cash is being used for, what are proforma financials from continuing operations following the divestiture, etc. So little to go off of to provide any educated opinion outside - wait and see what their plans are.
Mat