By Connor Hart
Shares of semiconductor company QuickLogic jumped Monday after the company said it was awarded an almost $6.6 million contract.
The stock gained 23%, to $9.62, in midday trading. Shares are down 31% since the beginning of the year, though they have gained 30% in the last three months.
The San Jose, Calif., company said the funding will support the continued development and demonstration of its strategic radiation hardened technologies, which are defense systems and infrastructure resistant to harsh-radiation environments.
Chief Executive Brian Faith said QuickLogic has now been awarded more than $33 million to develop its strategic radiation hardened technologies, exemplifying the company's commitment to meeting current and future Department of Defense strategic and space-system requirements.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 23, 2024 11:51 ET (16:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.