Mind Technology (NASDAQ:MIND) stock is taking off on Tuesday after the company announced an agreement with the U.S. Navy.
Specifically, Mind Technology has entered into a Cooperative Research and Development Agreement (CRADA) with the U.S. Navy’s Naval Surface Warfare Center, Panama City Division (NSWC PCD). This will have the two working together to develop the next generation of mine-hunting sonar systems.
Andy Meecham, the CTO of Mind Technology, had the following to say about the agreement sending the company’s stock higher today.
“I’m thrilled that this CRADA will allow us to leverage the expertise of the scientists and engineers at NSWC PCD to provide innovative solutions to the warfighter, now and into the future. This agreement demonstrates our corporate focus on innovation and new technology, which has delivered game-changing capabilities such as our unique full-swath MA-X™ sonars, will continue to define the gold standard in underwater sensing.”
It’s worth noting that Mind Technology has a long history of working alongside the U.S. Navy. That includes through its subsidiary, Klein Marine Systems. Today’s agreement shows that the relationship is likely to continue in the coming years.
MIND stock is seeing heavy trading today following news of the U.S. Navy agreement. As of this writing, more than 9 million shares of the company’s stock have changed hands. That’s quite the increase over its daily average trading volume of roughly 170,000 shares.
MIND stock is up 11.7% as of Tuesday morning but is down 30.8% since the start of the year.
Investors seeking more stock market news will want to stick around!
InvestorPlace has all the latest stock market coverage that traders need to know about today. That includes what’s happening with BitNile (NYSE:NILE), Alzamend Neuro (NASDAQ:ALZN), as well as this morning’s pre-market stock movers. You can find all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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