BMR - Beamr (NASDAQ:BMR) Continues after NVIDIA JR and Public Offering News

2024-02-13 09:05:07 ET

DENVER, Colo., Feb. 13, 2024 ( www.247marketnews.com )- Beamr Imaging (NASDAQ:BMR) was yesterday’s big trade, after announcing a joint research presentation, with NVIDIA Corporation, relating to automated video modernization at the ACM Mile-High-Video 2024 conference.

After yesterday’s market close, Beamr announced the pricing of a $12 million underwritten public offering at a public offering price of $7.00 per share.

We covered BMR when it was trading at $3.57 and it hit a new 52-week high of $34.94, but dropped after a trading halt.

It’s now trading at $13.90, up $3.95 (+39.70%), on 8.2M premarket shares.

Its 52-week range is $0.91 to 34.94. BMR crushed its previous 52-week high, set in June.

“AOMedia Video 1 (AV1) is an efficient emerging video format, which is backed by tech giants like Amazon, Google and Microsoft, but it’s facing slow adoption due to the highly complex and costly processes of upgrading existing video libraries in growing markets like artificial intelligence (AI), machine learning, streaming and user-generated content.”

Beamr CTO, Tamar Shoham, who will present the research at the conference, explained: “Until today, adopting the upgraded video standard was a complex transition for two reasons – one, the new standard requires significantly more compute power and therefore comes at a very high cost; and two, the new standard requires a steep learning curve as it is difficult to figure out how much added compression can be applied without sacrificing video quality, which results in a lot of uncertainty during the process,” said Tamar Shoham, Beamr CTO.

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