Wearable Devices (NASDAQ:WLDS) stock is soaring higher on Thursday after the company received a $900,000 grant.
This grant comes from the Israel Innovation Authority (IIA). It’s focused on the development of the company’s manufacturing process for its Mudra Band “wearable neural interface.”
Investors will note that this is the fourth time the IIA has awarded a grant to Wearable Devices. The first three grants were research and development grants. This fourth one is a New Product Manufacturing program grant.
Asher Dahan, co-founder and CEO of Wearable Devices, said the following in a news release:
“This grant facilitates our efforts to establish the manufacturing infrastructure capability of the Mudra Band, our flagship consumer product, and additional wrist-worn neural interfaces. While we will work with manufacturing partners to scale production, the sophisticated and crucial technology and elements of the manufacturing process will be handled internally.”
What This Means for WLDS Stock
WLDS stock is gaining on Thursday in response to the grant news. That makes sense, as this brings the company one step closer to the commercial release of its Mudra Band. Investors are also likely jumping in now to bet on further gains for the company’s shares.
We’re also seeing heavy trading volume today as investors buy WLDS stock. That has some 50 million units on the move as of this writing. For the record, that’s a massive surge over the daily average trading volume of about 330,000 shares.
WLDS stock is up 52.1% as of Thursday morning.
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On the date of publication, William White did not hold (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.