02:36 PM EDT, 09/05/2024 (MT Newswires) -- Beam Global ( BEEM ) shares rose more than 7% in recent Thursday trading after the company said it has finalized the acquisition of European-based power electronics manufacturer, Telcom, to enhance its products and reduce reliance on third-party components.

The move integrates Telcom's engineering expertise into Beam Global's ( BEEM ) portfolio, aiming to improve product quality, lower costs, and increase profitability, Beam Global ( BEEM ) said.

Telcom, now part of Beam Europe, also plans to support its legacy clients, including major regional telecom and industrial firms, while contributing to Beam's global expansion strategy, Beam Global ( BEEM ) said.

Beam Global ( BEEM ) said the deal, worth approximately 815,298 euros ($905,706), strengthens its cash and working capital positions.

Price: 4.78, Change: +0.32, Percent Change: +7.17