Expion360 (XPON) said it "voluntarily" terminated a commercial lease for a 31,400 square feet property in Redmond, Oregon, targeting monthly savings of about $40,000 over the next 51 months.

The lease termination, effective Oct. 1, is part of an effort to identify cost reduction opportunities "but does not change the company's overall strategy regarding leasing of property," it said in a regulatory filing late Monday.

Shares of the company rose over 5% in premarket activity Tuesday after slumping more than 28% in the regular trading session on Monday.