Video encoding, transcoding, and optimization company Beamr Imaging (NASDAQ:BMR) continued its upward trajectory after rebounding more than 300% on Monday. The stock price rose after announcing a partnership with semiconductor giant Nvidia (NVDA) Expand adoption of AOMedia Video 1 (AV1) technology.
AV1 technology is a new video format and our partnership with Nvidia aims to automatically transfer your current video library to this new technology format. The companies plan to achieve this by combining Beamr’s Content-Adaptive-Bitrate technology with his Nvidia encoder.
The announcement sent the stock’s trading volume soaring to 141.1 million units, significantly higher than the previous three-month average volume of 1489.1 million units.
The company also announced the pricing of an underwritten public offering of 1.71 million shares, priced at $7.00 per share, with gross proceeds of approximately $12.0 million before deducting underwriting discounts and offering expenses. In addition, Beamle granted the underwriters a 45-day option to purchase up to an additional 257,000 shares to cover “over-allotments at the public offering price less underwriting discounts.”
What is the price prediction for BMR?
No Wall Street analysts have covered BMR in the past three months, and year-to-date, BMR stock has soared more than 500%.
