Actelis Networks (NASDAQ:ASNS) stock is rocketing higher on Wednesday after the company announced a new contract with three U.S. military bases.
This contract will have Actelis Networks providing each of these bases with “cyber-hardened networking technology.” This follows their certifications and placement on the Department of Defense Information Network’s approved products list earlier this year.
Actelis Networks notes that its products offer are one of a kind on this list, including “256-bit MACsec encryption, data fragmentation and scrambling.” These all offer a high level of data protection to empower a security network.
Actelis Networks Chairman and CEO Tuvia Barlev said the following about this contract:
“We have invested significant resources on achieving these critical government security certifications […] We are very pleased to see that those efforts are resulting in new orders and a strong pipeline for our federal market segment.”
How This Affects ASNS Stock Today
News of these contracts is shining an extra strong light on ASNS stock and has investors buying up the shares. This brings with it heavy trading as more than 19 million shares have changed hands as of this writing. That’s well beyond its daily average trading volume of about 321,000 shares.
ASNS stock is up 689.4% as of Wednesday 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.
