InfoSonics Corporation (NASDAQ: IFON) is having an overwhelmingly strong start to the trading session this morning after announcing a name change that seems to have gotten the attention of the masses. Of course, with attention comes demand and investors are sending the stock on a run for the top. Today, we’ll talk about:
- The name change;
- what we’re seeing from IFON as a result;
- and what we’ll be watching for with regard to the stock ahead.
IFON Announces Name Change
As mentioned above, InfoSonics Corporation is having an incredibly strong start to the trading session this morning after the company announced that it has changed its name. Effective immediately, InfoSonics Corporation is now Cool Holdings, Inc. In the release, the company said that its stock symbol will remain IFON at the time, but the name change has resulted in a new CUSIP number (21640C 105) for the company’s commonstock. In the release, the company also said that soon it will be launching a new corporate website at the domain CoolHoldings.com. The new website will include a new investor relations section containing stock information, corporate governance information and other materials for investors. In a statement, Andy De Francesco, Chairman of the Board at IFON, had the following to offer:
The name change to Cool Holdings represents a shift and diversification of our strategy… Effective today our focus is to continue the expansion of our strong partnership with Apple®, one of the world’s largest and most iconic brands, and to exploit additional investment and acquisition opportunities of minority and majority interests in other premium retail brands to accelerate profitable growth.
We will continue expanding the retail footprint of our OneClick® branded stores to become the largest authorized reseller of Apple® products and services in the Americas. Cool Holdings will fully leverage the experience and successful track record of our board of directors and strategic investors, who have been involved in other premium brands such as Cold Stone Creamery, Pinkberry Frozen Yogurt, Blimpie Subs, Taco Time, Jamba Juice and Aphria MMJ. We believe that our team’s global network, retail operational experience, ability to acquire prime retail locations and storefronts, coupled with our marketing and execution ability and commitment to success will translate to profitable growth of our Company, and ultimately to handsome returns to our shareholders.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In the case of Cool Holdings, the news garnered attention, and that led to gains. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:46), IFON is trading at $4.21 per share after a gain of $0.66 per share or 18.55% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, teh CNA Finance team will continue to keep a close eye on IFON. In particular, we’re interested in following its goal of maintaining and building new relationships with large companies that drive revenue. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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