Cryptyde (NASDAQ:TYDE) stock opened higher by around 14% today after the company released a revenue update on its wholly-owned subsidiary, Forever 8. Cryptyde operates as a cryptocurrency and Web 3.0 company that seeks to drive growth through the acquisition and management of tech firms. Forever 8 is an e-commerce management company that seeks to simplify the inventory process using predictive order optimization.
So, what’s the news? Forever 8 just made a major accomplishment, bringing in over $1 million in revenue in just a single day. Cryptyde CEO Brian McFadden had the following to say:
“We are delighted to report Forever 8’s accomplishment of generating over $1 million in revenue in a single day […] Our innovative suite of solutions is disrupting the conventional inventory funding model, as evidenced by our client base.”
TYDE Stock: Forever 8 Reports Over $1 Million of Revenue in One Day
Following the $1 million day, management highlighted Forever 8’s potential to become an e-commerce cash flow management solutions leader. Cryptyde will also work toward supporting Forever 8 in any way necessary to drive growth.
Besides Forever 8, Cryptyde also owns another subsidiary called Ferguson Containers. Ferguson manufactures and customizes packaging for a variety of industries, often using 100% post-consumer recycled material. The company’s game plan is to focus toward consumer-facing brands in the Web 3.0 industry.
TYDE stock is now up about 3% year-to-date (YTD). For 2023, the company has forecast revenue of $60 million, which is contingent on Cryptyde raising at least $3 million in additional capital. Cryptyde seeks to achieve its revenue forecast by launching a new software-as-a-service (SaaS) product. It also is looking to prioritize revenue expansion and opportunities as well as raise capital.
Earlier this month, the company submitted a prospectus that documented the resale of up to 169.14 million shares of common stock. 15 million shares of common stock will be issuable upon conversion of notes. Meanwhile, 154.14 million shares will be issuable upon the exercise of warrants. The selling stockholders will include Hudson Bay Master Fund, BHP Capital NY and Palladium Holdings. Hudson Bay is the largest eligible seller, authorized to sell up to 119.33 million shares. Cryptyde will receive proceeds from the transaction if the warrants are exercised for cash.
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On the date of publication, Eddie Pan did not hold (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.
