Why Is Eightco Holdings Stock Rocketing Today?
Portfolio Pulse from Lekha Gupta
Eightco Holdings Inc. (NASDAQ:OCTO) shares surged after the company announced significant financial improvements in 2024, including eliminating $5.4 million in convertible notes and increasing shareholder equity by $23 million. The company also canceled 5.8 million dilutive shares and improved its gross profit margin to 22%. Eightco plans to seek non-dilutive senior debt financing and aims for $100 million in revenues and positive EBITDA in 2025.
September 25, 2024 | 2:47 pm
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Eightco Holdings' stock price surged due to significant financial improvements, including eliminating $5.4 million in convertible notes and increasing shareholder equity by $23 million. The company also improved its gross profit margin and plans for $100 million in revenues and positive EBITDA in 2025.
The stock price of Eightco Holdings increased significantly due to the company's positive financial updates, including debt elimination and improved profit margins. These factors, along with future revenue and EBITDA goals, have likely boosted investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100