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Cool Holdings shares pop in pre-market on Simply Mac acquisition

Simply Mac is the largest Apple Premier Partner in the US, with 43 stores in 18 states.

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Miami-based Cool Holdings currently operates its own chain of boutique Apple stores called OneClick

Shares of Cool Holdings Inc (NASDAQ:AWSM) surged in the pre-market after the company announced it was buying the Simply Mac chain of Apple Inc (NASDAQ:AAPL) retail and repair stores.

Simply Mac, which was owned by GameStop Corp (NASDAQ:GME), is the largest Apple Premier Partner in the US, with 43 stores in 18 states.

The stock jumped nearly 20% in pre-market trading to $2.77.

READ: Cool Holdings announces expansion plans to open around 200 stores by 2021

Miami-based Cool Holdings currently operates its own chain of boutique Apple stores called OneClick. The acquisition gives the company 59 total stores and is part of a larger push to get to 200, CEO Mauricio Diaz said in a statement.

“We believe our direct relationships with third-party accessory manufacturers can help strengthen Simply Mac's product offerings and gross margins,” Diaz said. “Simply Mac's focus on Apple authorized service and smaller market locations could help us further expand our U.S. presence and improve our existing store efficiencies and product-services mix.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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NASDAQ:AWSM
Market: NASDAQ
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