The Minim Inc (NASDAQ: MINM) stock price surged 74.3% despite the company not making any announcements today. The last significant release from the firm was earlier this month when it expanded its e-commerce footprint by partnering with OfficeDepot.com.
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Given the lack of news releases from the software and hardware company that powers Motorola connectivity solutions, we can attribute today’s rally to renewed investor interest in the firm. Over 4.64 million MINM shares had changed hands at the time of publishing.
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On December 7, 2022, the company announced the launch of eight Motorola home networking products on OfficeDepot.com. The deal will expand the WiFi 6 Motorola Mesh portfolio to one of the largest e-commerce platforms in the office supply segment.
Jeffrey Rodning, Vice President of Retail Sales at Minim, said: “Minim is delighted to work with the Office Depot team. We’re excited to provide a new cohort of customers with our dependable range of Motorola networking devices. This relationship takes us one step further in our mission to help people do more and live better with connectivity.”
OfficeDepot.com is a wholly-owned subsidiary of The ODP Corporation (ODP). Minim noted that interest in WiFi 6 networking devices had surged across all market segments over the past year.
The company said that it will be offering its newest WiFi 6 mesh device, the Motorola Q11, on the OfficeDepot.com website. The device will be part of the eight new devices offered on the website following the recent partnership.
The Motorola 11 offers WiFi speeds of up to 3Gbps, a single 2.5 Gig Ethernet port and three 1 Gig Ethernet ports for wired connections. The device’s WiFi network can support up to 300 devices across a 5,000 sqft space.
Investors reaced positively to the news, which might explain today’s rally.
*This is not investment advice.
Minim stock price.
The Minim stock price surged 74.31% to trade at $0.3040, rising from Thursday’s closing price of $0.1744.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.