Eightco Holdings Inc. (NASDAQ: OCTO) noticed its shares gain ground Tuesday, as the company, which purports to be a leader in the e-commerce inventory solutions space announced a milestone in its growth journey. The company has successfully closed an asset-based lending facility (ABL) from several investors, including members of its management team and the visionary founders of Forever 8.
The ABL marks a significant achievement for Eightco Holdings as it strengthens its financial position and paves the way for continued expansion. With Forever 8’s ambitious plans to enter multiple markets, the ABL provides the necessary capital to fuel this growth.
"We are excited to announce this ABL," said CFO Brett Vroman. “This strategic financing solution equips us with the capital needed to support Forever 8's expansion and seize significant growth opportunities with new and existing customers. By ensuring improved inventory liquidity, we can drive value for our shareholders while meeting the evolving needs of our customers”
Eightco Holdings Inc. is committed to growth focused around its existing subsidiaries, Forever 8, an inventory management platform for e-commerce sellers, and Ferguson Containers, a provider of complete manufacturing and logistical solutions for product and packaging needs, through strategic management and investment. In addition, the company is actively seeking new opportunities to add to its portfolio of technology solutions focused on the e-commerce ecosystem through strategic acquisitions.
OCTO shares captured two cents, or 1%, to $1.83.
