The Nuheara Ltd (ASX: NUH) share price is on the move this morning. This comes after the company announced a positive development with a major contract.
At the time of writing, the hearing solutions provider's shares are swapping hands for 5.3 cents, up 6%.
What did Nuheara announce?
Investors are pushing Nuheara shares higher following the company's latest update.
According to this morning's release, Nuheara advised it has begun mass production of HP Elite Wireless Earbuds for HP Inc (NYSE: HPQ). This follows HP's recent approval of the initial samples, paving the way for commercial production.
Nuheara highlighted that this will be the first product to be manufactured under the umbrella supply agreement. Both parties entered into a partnership arrangement in late December last year.
The Elite Wireless Earbuds will be offered as bundled options to customers with the purchase of select HP notebook computers.
Large-scale manufacturing of the Elite Earbuds has started, with shipment to take place in early May 2021.
What did the CEO say?
Nuheara CEO Justin Miller commented on the partnership agreement:
We are incredibly proud to be working and developing products for HP, a global technology leader. Nuheara's co-development of the new HP Elite Wireless Earbuds has seen this new product delivered, from concept to mass production, in record time.
Our strong working relationship with HP has been critical in developing and manufacturing this product seamlessly. As global leaders in our respective markets of PCs and Hearables, Nuheara anticipates the strengthening of this partnership over the next three years to continue the supply of innovative audio solutions to HP's customers.
About the Nuheara share price
The Nuheara share price has accelerated to more than 200% in the last 12 months, particularly from July 2020 onwards. The company's shares reached a 52-week high of 6.6 cents in August before moving in circles thereafter.
On valuation grounds, Nuheara commands a market capitalisation of around $86.1 million, with 1.7 billion shares on issue.
