What's Going On With Beamr Imaging Stock?

Shares of video optimization technology and solutions company Beamr Imaging Ltd BMR are trading higher Tuesday after rallying more than 370% on Monday. Here’s a look at what’s going on.

What To Know: Beamr on Monday announced that it will present joint research related to automated video modernization with Nvidia Corp NVDA. The information is being presented at the ACM Mile-High-Video 2024 conference, which kicked off this week.

Beamr and Nvidia are offering a proposed solution to the challenge of slow adoption for AOMedia Video 1 (AV1), an efficient emerging video format, that aims to help to facilitate the transition to AV1 adoption at scale.

“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,” said Tamar Shoham, chief technology officer of Beamr.

“Beamr technology powered by NVIDIA’s encoder (NVENC) addresses these two challenges by using NVIDIA’s hardware accelerated AV1 encoding with performance that is equal, and even superior, to previous formats.”

Beamr said it’s scheduled to launch its new Nvidia-powered video cloud service on Amazon’s AWS on Feb. 20.

What Else: Following the stock rally on Monday, Beamr announced the pricing of an underwritten public offering of 1,714,200 shares. Each share will be sold at a public offering price of $7 per share for gross proceeds of approximately $12 million.

The offering is expected to close on Feb. 15. Beamr said it intends to use the net proceeds for research and development efforts, sales and marketing activities and cloud operating costs.

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BMR Price Action: Beamr shares closed Monday up 371.6% at $9.95. The stock was up another 71% Tuesday morning, according to Benzinga Pro.

Photo: courtesy of Nvidia.