RTTNews | Jun 15, 2021 05:09PM EDT

17:08 Tuesday, June 15, 2021 (RTTNews.com) - Shares of Forward Industries, Inc. (FORD) are surging nearly 50% in extended session Tuesday after the company inked a distribution deal with Chipolo, a device tracking company.

FORD closed Tuesday's trading at $2.73, down $0.09 or 3.19%, on the Nasdaq. The stock, however, gained $1.14 or 41.76%, in the after-hours trading.

Forward Industries announced an agreement with Chipolo to distribute its tracker products in the U.S., via exclusive distribution agreements with select big box stores and other retailers.

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