Low-float Beamr shares climb in meme-like rally

Beamr Imaging

13/02/2024 09:59

** U.S.-listed shares of Beamr Imaging  BMR.O  up 16% at
$11.54 premarket following 371.6% surge on Monday when it saw
strong interest from retail investors
    ** Stock rose as much as 1,556% on Monday after the
Israel-based video software maker said it would present research
relating to automated video modernization with Nvidia  NVDA.O 
at a conference in Denver Colorado this week
    ** BMR was the most traded stock by U.S. retail investors on
Monday, J.P.Morgan data showed
    ** "This is a collaboration that has been going on for some
time. It is hard to argue the need for U.S. interest rate cuts
when the simple mention of a sexy company unleashes a
speculative frenzy" - Michael O'Rourke, chief market strategist
at JonesTrading
    ** After the sharp surge on Monday, the company said it
would offer 1.71 mln ordinary shares at $7 apiece for gross
proceeds of $12 mln
    ** Co plans to use the proceeds for research and
development, sales and marketing activities and cloud operating
costs, among other things
    ** About 4.52 mln shares, which is 35% of BMR's outstanding
shares, are available for the public to trade
    ** The $128 mln company that made its market debut about a
year ago has climbed nearly 7-fold in value in 2024

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))