Shares of digital marketplaces software and services provider Kaspien Holdings Inc. (KSPN) rose by +20.14% on Thursday to $28.00 at the ring of the bell. The surge came on the heel of achieving a mark of one billion in revenues.
This week, Kaspien marked its billionth dollar in e-commerce marketplace revenue. Kaspien has seen increases in net sales, gross merchandise value (GMV), and gross profit during the growth of e-commerce shopping in 2020.
Founded in 2008, Kaspien offers a growing suite of software and services to help brand owners sell on popular online marketplaces like Amazon, Walmart, eBay, Google Shopping, and Target.
One billion in lifetime sales is a major achievement in the company’s history, said Brock Kowalchuk, Chief Financial Officer of Kaspien Inc. The one billion sales mark symbolizes the willingness of management to thrive as one of the business sector’s original third-party retailers. As the industry continues to evolve, not only has the company remained committed, but it has also developed a flexible marketplace that addresses a real need for retailers looking to leverage and expand on internet platforms.
The company also shared significant highlights it has achieved in the past year which includes rebranding of parent company from Trans World Entertainment to Kaspien Holdings Inc.; appointed Kunal Chopra as CEO of the rebranded business; moved its corporate headquarters to Spokane Valley, Washington that was previously located in Albany, New York; generated 36% more net revenue the third quarter of 2020 from the corresponding quarter a year ago; and posted an increase of 127% in Q3 2020 GMV compared to that in prior year helped by subscription business surge.
Moreover, a letter dated Jan 22, 2021, from the Listing Qualifications Staff of The Nasdaq Stock Market received by Kaspien confirmed that the company has regained compliance with the continued listing criteria. Kaspien Holdings Inc. (KSPN) achieved conformity after its market cap remained more than $35 million for 10 consecutive days during the month, which currently stands at about $75 million.