By Chris Wack
Beamr Imaging, a leading video technology company, experienced a significant surge in its share prices on Tuesday. The stock soared by an impressive 65%, reaching a value of $16.45. This remarkable increase came shortly after the company announced the pricing of its underwritten public offering of 1.7 million ordinary shares.
During Monday’s trading session, Beamr’s shares closed with a staggering 372% gain. The surge followed an intriguing announcement that Beamr, in collaboration with Nvidia, had developed an innovative automated process for seamless video library and repository transfer into Beamr’s AV1 technology. This breakthrough solution facilitates the process at scale, sparking further excitement among investors.
Under this public offering, each ordinary share is valued at $7, generating a total of $12 million in proceeds, excluding underwriting discounts and offering expenses. Beamr is offering all the shares, with the underwriters having been granted a 45-day option to purchase up to an additional 257,100 shares to cover any over-allotments at the public offering price.
The proceeds from this offering will be allocated towards various crucial areas. Research and development efforts will continue to be a priority for Beamr as it strives to enhance its technological capabilities. Additionally, the funds will support the company’s sales and marketing endeavors, ensuring widespread adoption of its cutting-edge solutions. Cloud operating costs, along with general administrative and corporate purposes, including working capital and capital expenditures, will also benefit from these proceeds.
This highly anticipated public offering is expected to conclude on Thursday, further solidifying Beamr Imaging’s position as an industry leader.
