Innodata's stock surged 5.66% in the pre-market session on Wednesday, driven by Brainhole Technology's acquisition of additional shares in the company.
According to a filing with the Hong Kong stock exchange, semiconductor manufacturer Brainhole Technology acquired 26,300 shares in Innodata for around $1.5 million. The purchase was funded by selling 66,800 American depositary shares in KE Holdings for $1.4 million.
Brainhole's share purchase in Innodata has boosted investor confidence in the company, leading to the pre-market soar. The move suggests Brainhole's belief in Innodata's growth potential, fueling speculation about future developments or strategic partnerships between the two companies.
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