Forward Industries, Inc. (NASDAQ:FORD) is one of the biggest gainers in the pre-market session on Tuesday after the news. The stock has soared 45% so far this year.
Major Trigger:
Forward Announces U.S. Distribution Agreement With Chipolo, a Device Tracking Company
Key Highlights:
- Forward Industries announced an agreement with Chipolo Inc. to distribute its tracker products in the U.S., via exclusive distribution agreements with select big box stores and other retailers.
- Chipolo products including Chipolo ONE Spot, are an easy, fast way to help locate items such as keys or wallets by attaching a tracker to a keychain utilizing its unique keyring hole design. Chipolo ONE Spot is one of the first third-party accessories that work with Apple Find My network, enabling users to go to the Find My app and see the missing item on a map. Other Chipolo products such as Chipolo ONE and Chipolo CARD work with the Chipolo app, where consumers can ring their misplaced items, double click on Chipolo to find their phone or get a phone notification when they leave an item behind.
Key Quote:
“We are excited about our partnership with Chipolo. There is mutual opportunity for Forward to leverage its strong U.S. retailer relationships to distribute Chipolo’s products,” said Terry Wise, Chief Executive Officer of Forward Industries.
Market Reaction
As of 6:50, FORD is trading at $3.47, up 27.11%. So far more than 588K shares have exchanged hands.
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