What's Going On With Banzai Shares Tuesday?

Banzai International, Inc. BNZI stock is trading higher on Tuesday after the company announced it entered into a definitive agreement to acquire OpenReel, a platform that enables businesses create branded video content. Here’s what you need to know.

What to Know: The acquisition is expected to drive Banzai’s 152% growth in trailing twelve-month revenue, which is projected to reach $10.9 million. Under the agreement, Banzai will acquire OpenReel for a total of $19.6 million, paid in Banzai stock or pre-funded warrants.

Lee Firestone, CEO and co-founder of OpenReel, said, “We’re thrilled to join the Banzai family and take OpenReel to new heights. With Banzai’s support, we’re confident in accelerating the growth of our technology while becoming an integral part of their robust suite of marketing tools. We believe that OpenReel is the perfect complement to Demio, enabling seamless cross-collaboration and enhancing the value we deliver to marketers worldwide.”

Banzai shares are currently trading on higher-than-usual volume at 50.67 million. The company’s average session volume over the past 100 days is 3.26 million.

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BNZI Price Action: At the time of writing, Banzai shares are trading 25.2% higher at $1.74, according to data from Benzinga Pro.

Image: 7533126 from Pixabay.