DPW Holdings (NYSEAMERICAN:DPW) is in the news Wednesday after an announcement of orders for Gresham Worldwide sent DPW stock soaring higher.
Gresham Worldwide, DPW’s global defense business, has been sent purchase orders for roughly $3.2 million. The orders come from four different defense contractors. They are specifically for its subsidiary, Microphase Corporation.
Microphase is Gresham Worldwide’s subsidiary that focuses on design and creation of “state-of-the-art RF, microwave, and millimeter-wave components, devices, subsystems, and integrated modules.” The company serves several markets, including defense, aerospace, public safety and Homeland Security.
According to a news release from DPW Holdings, the orders for Microphase will keep it busy for some time. The company is expected to send all of 2020, as well as part of 2021 fulfilling the recent orders.
Jonathan Read, CEO of Gresham Worldwide, said this in the DPW Holdings news release.
“We strongly believe in the prospects for Gresham Worldwide. Demand for Gresham’s technology offerings remains strong. This recent uptick in orders reflects the confidence and the trust that Gresham has with long life cycle platform programs of ‘blue chip’ customers in defense, aerospace and commercial sectors across the globe. We anticipate that strong demand and customer confidence will enable us to achieve significant growth in 2020 and 2021.”
Following the announcement today, DPW shares have seen heavy trading. This increase in trading is likely what has the stock heading higher.
DPW stock was up 155.3% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.