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Investing.com -- Optical Cable Corporation (NASDAQ:OCC) stock surged 60% Monday after announcing a strategic collaboration agreement with Lightera LLC to expand their product offerings for data center and enterprise markets.
The partnership will combine portions of both companies’ product portfolios to deliver integrated cabling and connectivity solutions that will be sold by OCC. Both firms expect to benefit from expanded fiber optic and copper cabling offerings to enterprise and data center customers.
As part of the collaboration, Lightera has made an investment in OCC by purchasing shares of common stock, resulting in Lightera holding a 7.24% stake in OCC’s outstanding shares.
Neil Wilkin, Chairman, President and Chief Executive Officer of OCC, expressed confidence that the strategic collaboration "will significantly expand our opportunities in the data center and enterprise sectors, will accelerate OCC sales growth, and will create significant value for OCC and its shareholders."
Foad Shaikhzadeh, Chairman and Chief Executive Officer of Lightera, noted that the partnership will expand Lightera’s presence in data center and enterprise Passive Optical LAN sectors.
The integrated solutions developed through this collaboration are expected to strengthen both companies’ positions in the growing data center and enterprise connectivity markets.
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