Harrison Global Holdings Inc. (NASDAQ:BLMZ) stock experienced a 36.51% rise in value after the company announced its plans for a strategic business partnership and subsidiary acquisition.
Check out how BLMZ stock is trading here.
What Happened: On Monday, the Japanese audio production and entertainment company, Harrison Global Holdings (formerly known as BloomZ Inc.), disclosed that it had commenced due diligence procedures for the planned acquisition of a subsidiary and a strategic business partnership with Idealize Co. Ltd. The latter is a Japanese event operations, audio, and visual production company. The news led to a surge in the company’s stock value, which rose by 36.51% in after-hours trading, reaching $0.27.
Through Idealize’s extensive local network, Harrison Global aims to strengthen its footprint in Japan’s regional markets.
See Also: Bitcoin Stuck Below $118,000 As Ethereum, XRP, Dogecoin Extend Gains – Benzinga
“With over three decades of experience in event planning, audio, and visual production, Idealize brings a wealth of industry knowledge and experience that aligns seamlessly with our core operations. This planned acquisition not only enhances our production capabilities, but also creates new avenues for our affiliated VTuber talent to reach wider audiences across Japan," said Ryoshin Nakade, co-CEO of Harrison Global.
Why It Matters: Harrison Global has been making strategic moves to expand its business. Earlier in May, Harrison Global had announced a business alliance with M-NEXT Holdings to leverage affiliated talent growth and drive store foot traffic. These moves are part of the company’s broader strategy to drive growth and innovation in its business.
On July 16, Harrison Global had announced an investment and strategic partnership with Myth Korea. This was followed by a partnership with HYPERCOMMUNITY to deliver an AI-driven VTuber platform.
The recent announcements of partnerships and planned acquisitions have been positively received by the market, as evidenced by the surge in the company’s stock value. These developments are indicative of the company’s growth and its efforts to strengthen its position in the market.
Price Action: According to Benzinga Pro data, Harrison Global share price dipped to 0.311%, to $0.19 during regular trading hours on Monday.
Benzinga’s Edge Stock Rankings indicate, BLMZ stocks have a strong Value score of 77.70. Know how the stock fares on other parameters here.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Mizkit on Shutterstock.com
