Kwesst Micro Systems (NASDAQ:KWE) stock is soaring higher on Monday after the tactical systems and ammunition company secured a new contract worth up to $48 million.
According to a Kwesst Micro Systems press release, the company is working with the Thales Canada as a sub-contractor for the Canadian Department of National Defence. This will have it work to modernize the military’s operations.
Kwesst Micro Systems’ job will have it create specialized software services for the military. That includes “advanced land command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) systems.”
Kwesst Micro Systems CEO Sean Homuth said the following about the contract:
“This award is further validation of our strategy to execute on programmatic digitization work that is foundational to the technology that underlies all of our products in both the Defence and Public Safety markets. This includes KWESST Lightning and our goal to bring these same situational awareness capabilities to law enforcement and first responders.”
KWE Stock Movement on Monday
With today’s news comes heavy trading of KWE stock. This has more than 213 million shares on the move as of this writing. That’s well above its daily average trading volume of about 201,000 shares.
KWE stock is up 120.8% as of Monday 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.
