Today’s biggest winner in the markets was a small tech stock that you’ve likely never heard about. However, the stock jumped in question jumped up as high as 338 percent on Wednesday after announcing it somehow managed to secure a major deal with the U.S. Army.
Vislink Technologies (NASDAQ: VISL), a small wireless technology company that caters to law enforcement and the defense market with a market cap of just $8 million, jumped up as much as 338 percent today thanks to this news.
For a company of such a small size, securing even a tiny agreement with the U.S. Army is a major win. The deal in question is worth $2.8 million, almost a third of Vislink’s market cap, and will have the company supplying intelligence, surveillance, and recon receiver devices to the armed forces.
“We are honored that Vislink continues to be a trusted partner to our armed forces, and this latest contract underscores our ability to meet their most stringent requirements. Our video communications technology remains the de facto standard in high performance, rapidly deployable solutions that can operate reliably in the most challenging and hostile environments,” said John Payne, President and COO of IMT Vislink, said in a statement. The press release added that the company will be providing the U.S. Army with “ruggedized, lightweight hand-held receivers designed to display real-time video imagery transmitted by aerial assets or frontline surveillance platforms, as well as related accessories.”
Despite its relatively small size, Vislink as a company has been around in some form for over 50 years. However, as a nano-cap stock, Vislink understandably doesn’t get much financial press due to its size.
Some announcements that did get some degree of coverage, however, include a recent $650,000 in orders from law enforcement agencies in California and Minnesota back last month. Before that, the company said in May that it was in full compliance with listing requirements for the NASDAQ capital markets, although shares at the time were trading at record lows.
The news sent Vislink up as much as 337.6 percent by noon Wednesday, before giving back much of those gains. The stock was still up 148.5 percent by the end of the day, although it’s already given back an extra 10 percent in after-hours trading at the time of writing. Either way, today was the best day in the company’s history for its shareholders. Just back in May, the stock was trading at a record low at $1.26 but reached as high as $8 today.
Time will tell whether this major deal is enough to put the company on the map with Wall Street analysts, as at the moment there are none that are covering the stock at all.
Vislink Technologies Company Profile
Vislink Technologies Inc provides wireless video solutions to broadcast, law enforcement and defense markets and private mobile broadband networks for use in challenging environments. The company has developed two revenue generating brands Integrated Microwave technologies and Vislink. Its products include Broadband wireless system, Vehicle modem, Mobile hotspot, Access point, Network tools etc. – Warrior Trading News