iPower (NASDAQ:IPW) stock is rising higher on Tuesday after the company made some major announcements after markets closed yesterday.
Let’s dive into that news below to see why shares of IPW stock are getting a boost today!
- iPower has announced that’s it’s teaming up to create a joint venture focused on social media, such as TikTok.
- The company doesn’t reveal how it’s working with in the endevor.
- However, it notes that among them is a social media marketing and entertainment company.
- The goal of this joint venture is the creation of a social commerce platform.
- This platform will operate under the name Global Social Media LLC.
- iPower is committing $100,000 to the joint venture for a 60% equity interest.
- This will have it contributing its supply chain and e-commerce expertise to the effort.
- The goal is to create “a fully end-to-end solution for brand manufacturers looking to sell their products via social channels.”
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Lawrence Tan, the CEO of iPower, said the following about the plans sending IPW stock up today!
“Similar to our recently launched logistics joint venture, we have identified another low-cost opportunity to enter a new services category that can also benefit our own hydroponics business. Our partners will leverage their expertise in social media marketing to build a strategic network of global influencers that we can utilize to increase iPower’s brand awareness and geographic exposure.”
IPW stock isn’t rising just because of this news. The company also released its earnings report for its fiscal second quarter of 2022 today. You can check out how well it did at this link!
IPW stock is up 31.9% as of Tuesday afternoon.
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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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