Video encoding, transcoding, and optimization company Beamr Imaging (NASDAQ:BMR) continued on an upward trajectory after rallying more than 300% on Monday. The stock rallied after announcing that it will collaborate with chip giant Nvidia (NASDAQ:NVDA) to increase the adoption of its AOMedia Video 1 (AV1) technology.
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The AV1 technology is a new video format, and its partnership with Nvidia aims to automate the transfer of current video libraries to this new technology format. The companies plan to do this using Beamr’s Content-Adaptive-Bitrate technology combined with Nvidia’s encoder.
This announcement caused a spike in the stock’s volumes to 141.1 million, much higher than the average volume of 148,910 over the past three months.
In addition, the company announced the pricing of an underwritten public offering for 1.71 million shares priced at $7 per share for gross proceeds of around $12 million. In addition, Beamr has granted the underwriters a 45-day option to purchase up to an additional 0.257 million shares.
What Is the Price Prediction for BMR?
None of the Wall Street analysts have covered BMR over the past three months, and year-to-date, BMR stock has skyrocketed by more than 586%.
