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Socket Mobile Shares Surge After Licensing SpringCard Technology

Sam Boughedda trader
Updated 1 Mar 2021

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Socket mobile

Socket Mobile’s (NASDAQ: SCKT) shares are surging premarket, up over 25% after the company said it has licensed SpringCard SAS core contactless technology.

SpringCard SAS is a company that designs and produces contactless readers by combining different technologies.

Socket and SpringCard have worked together to bring contactless reading products to market. Socket’s DuraScan D600 Contactless Reader/Writer and SocketScan S550 Contactless Reader/Writer include SpringCard's core contactless technology.

Under the agreement, Socket Mobile will acquire a perpetual, royalty-free license to the core technology for use in its products and be in a position to support new requirements in the future. It also covers maintenance and support for the core technology.

“We have been working with SpringCard for over ten years and see this as the next step in a long and productive relationship. Socket Mobile will provide our application developers with the software tools—Capture SDK and data parsing—to fully control our family of contactless products,” said Leonard Ott, CTO of Socket Mobile.

Shares of Socket Mobile are priced 25.88% higher at $13.23 following the news.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.