CXApp (CXAI) Stock Soars After Hours: Why Is It Moving?

CXApp Inc (NASDAQ:CXAI) shares surged 72.74% to $0.28 in after-hours trading on Wednesday after the company announced the acquisition of EngineRoom, an AI-powered growth intelligence platform.
CXApp is a software company that uses AI-powered workplace tools to help organizations manage employees, office spaces and workplace experiences.
EngineRoom Deal Sparks Rally
According to the company’s Wednesday announcement, the acquisition is expected to increase CXApp’s annual revenue run rate from about $4 million to more than $12 million and add approximately $1.6 million in adjusted EBITDA. The company said EngineRoom is expected to contribute about $8.1 million in annual revenue, with around 94% of that revenue recurring.
CXApp said the acquisition will add more than 50 customer relationships