AC Penn

AC Penn Logo

AC Penn Inc (100 Lafayette Str, New York, NY) made a few razors that took proprietary blades, two of them been adjustable.

From the patent informartion, it appears that the adjustable with the twist knob is the earlier one by about a year.
The heads on both are identical, its just the adjustment mechanism that differs. The "lever" adjustment mechanism was an improvement aimed to provide an adjustment "with all possible speed".

AC Penn Knob AC Penn Lever
AC Penn
Knob Adjuster
AC Penn
Lever Adjuster