Benzinga | Oct 7, 2021 11:21AM EDT

Why Grom Social Enterprises Shares Are Rising

Grom Social Enterprises, Inc. (NASDAQ:GROM) shares are trading higher after the company announced its wholly-owned subsidiary, Top Draw Animation, has commenced production on approximately $1 million in new projects through its sprawling studio in Manila, the Philippines.

The assignments, two recurring episodic animated TV series, bolster the studio's output and leverage the expertise of Top Draw's animation professionals as well as Russell Hicks and Jared Wolfson, the studio's newly installed President and Executive Vice President, respectively. Due to confidentiality, Top Draw did not disclose either the series or the commissioning client.

"Animation consistently delivers dedicated audiences because it's typically timeless and escapist," explains Hicks. "Programmers rely heavily on their animated series and Top Draw Animation is prepared and energized to help entertainment companies around the world bring this visually rich brand of storytelling to life. We currently have hundreds of animation experts and artists focused on feeding the growing demand for animated entertainment."

Grom Social Enterprises, Inc., through its subsidiaries, operates as a media, technology, and entertainment company in the United States.

Grom Social Enterprises shares were trading about 11.2% higher at $5.54 per share on Thursday at the time of publication. The stock has a 52-week high of $19.50 and a 52-week low of $0.99.