Frequency Electronics (NASDAQ: FEIM) rallied 15.08% to $10.99 in Tuesday premarket trading following a new contract with the Office of Naval Research for the design and development of an Atomic Clock.
The manufacturers of precision-engineered space and terrestrial applications are held in good stead today after a promising contract allowing the company creative control over the development of the Pulsed Optically-Pumped Rubidium Atomic Frequency Standard.
Sanctioned by the Office of Naval Research for use within government application, the new high-accuracy Atomic Clock is set to be a promising step into the future of performance engineering, paving the way for Frequency Electronics to make their mark in terrestrial, space and commercial markets.
With the contract seen as a step-up in the development of atomic clocks, it’s not surprising we’ve seen such a sharp rally in premarket support. With high-end sectors relying on increasing levels of accuracy and efficiency, the team at Frequency Electronics is more than thankful for the innovative opportunity.
“We could not be more pleased to have received this contract award. The POPRAFS technology is a game changer for atomic clocks and will result in a significant improvement in capability over currently available products,” said Stan Sloane, Frequency's CEO.
The contract value came at a welcomed total of $17.75M with a base period of performance of two years.
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.