Infobird (NASDAQ:IFBD) stock is rising higher on Tuesday after the company announced it has signed a new cooperation agreement with an unnamed company.
According to a press release from Infobird, this will see it develop software for an information technology system to be used by the company. It notes that the total value of this deal is $1.8 million.
Infobird points out that the company it signed with focuses on Gig Economy Platform of localized life services. This will see Infobird focus on building out its software-as-a-service (SaaS) to better help this customer expand its business.
It also bears mentioning that this SaaS will handle call center operations. The unnamed company in this deal is already exploring new business options and has dedicated time to research and development in this sector.
How This Affects IFBD Stock Today
With this news comes heavy trading of Infobird stock on Tuesday. As of this writing, more than 4.9 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 143,000 shares.
IFBD stock is up 62.4% as of Tuesday morning. However, the shares were also down 98% year-to-date as of Monday’s close.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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