Trust Stamp (NASDAQ:IDAI) stock is taking off on Wednesday after the artificial intelligence (AI) company announced a new license agreement for its computer vision and AI technologies.
Trust Stamp has reached an agreement with Boumarang for the use of its computer vision and AI tech in hydrogen-powered UAV systems. This is a big move for IDAI as the global drone market was valued at 22.4 billion in 2022.
Trust Stamp notes that this deal is worth $5 million and is a one-time license with Boumarang. The company was paid by Boumarang issuing it pre-paid common stock warrants at fair market value.
Gareth Genner, CEO of Trust Stamp, said the following about the news:
“This innovative drone system will offer a powerful tool for humanitarian services, real-time search & rescue and surveillance missions, and secure delivery, fueled by the endurance and sustainability of green hydrogen power. We believe that this partnership will open up new markets and licensing opportunities for us in government and non-government sectors, driving significant growth potential.”
How This Affects IDAI Stock Today
With this announcement comes an increased interest in IDAI stock and heavy trading of its shares. That has more than 60 million units trading hands has of this writing. For the record, that’s well above its daily average trading volume of about 463,000 shares.
IDAI stock is up 19.7% as of Wednesday afternoon.
There are more stock market stories ready to go below!
We’re diving into all of the hottest stock market news available on Wednesday. A few examples include what’s going on with shares of Aditxt (NASDAQ:ADTX), Novo Nordisk (NYSE:NVO) and Sunrun (NASDAQ:RUN) stock. You can catch up on all of this at the following links!
More Wednesday Stock Market News
- Biotech News: Why Is Aditxt (ADTX) Stock Up 49% Today?
- NVO Stock Alert: Why Is Novo Nordisk Down 8% Today?
- RUN Stock Alert: Surprise! Why Sunrun Stock Is Up 17% Today
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
