Pop Culture Group (NASDAQ:CPOP) stock is heading higher on Wednesday after the company announced plans for a Software-as-a-Service (SaaS) street dance chain.
According to the company, the plan is to develop the SaaS system to accelerate its digital transformation. It’s working alongside Shenzhen HipHopJust Information Technology to develop the system.
Pop Culture Group says the following about the plans in a press release.
“Pursuant to the LoT, both parties agreed to jointly develop a SaaS system to serve street dance organizations and enterprises, promote the development of the street dance industry, and build bridges between governments and enterprises in the street dance industry, so as to cultivate more street dance talents for the upcoming Paris 2024 Olympics.”
Now that you know why CPOP stock is up, let’s take a deeper dive into the company below.
- Pop Culture Group is a hip-hop culture company based out of Xiamen, China.
- Its focus is on promoting hip-hop culture, as well as the cultural exchange of hip-hop between the U.S. and China.
- This has the younger generations being the main target audience of the company.
- It serves its customers with online programs, and also provides event planning and execution services, as well as marketing services.
- The company was founded in 2007 and went public via an IPO earlier this year.
CPOP stock is seeing heavy trading on today’s news. As of this writing, more than 14 million shares of the stock have changed hands. That’s a nice jump over the company’s daily average trading volume of about 2.8 million shares.
CPOP stock was up 4.3% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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