Forward Industries, Inc. (NASDAQ: FORD) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced an acquisition that led to some serious excitement among investors. Today, we’ll talk about the acquisition, what we’re seeing from the stock, and what we’ll be watching for with regard to FORD ahead.
FORD Announces Acquisition News
As mentioned above, Forward Industries is having an overwhelmingly strong start to the trading session this morning after announcing acquisition news. In a press release that was issued late yesterday, the company announced the acquisition of Intelligent Product Solutions, also known as IPS.
IPS is a product design and development company with leading brands in electronics, medical devices, enterprise and security solution providers and Internet of Things solutions. In fact, in the PR, FORD said that the company provides services to Google, Physio Control, PepsiCo, Motorola, ABInBev, Zebra and Charity Water. In a statement, Terry Wise, CEO at FORD, had the following to offer:
“I am delighted and excited with the acquisition of IPS. The company is an excellent strategic fit for Forward Industries. Its expertise and strong track record in designing connected/IOT products and developing products such as the AdhereTech ‘smart’ pill bottle will significantly strengthen and contribute to Forward Industries. As a Group, we are now able to offer a complete design, development, manufacturing and distribution service. We face exciting times ahead.”
The above statement was followed up by Mitch Maiman, CEO at IPS. Here’s what he had to offer with regard to the acquisition:
“Forward Industries is an ideal partner for IPS because of its strength in medical products and we will continue delivering exceptional product design and development services. And, IPS will remain committed to our team and to maintaining our offices on Long Island and Minneapolis.”
What We’re Seeing From The Stock
One of the first things that we learn when we start to dabble in the market is that the news causes movement. With such positive news surrounding Forward Industries, it’s no surprise that we’re seeing strong gains in the value of the stock today. Currently (8:50), FORD is trading at $1.99 per share after a gain of $0.75 per share or 60.48% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on FORD. In particular, we’re interested in following the company’s growth as a result of this acquisition and excited to see the results in both revenue and earnings. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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