Shares of Ocean Power Technologies, Inc. (OPTT) surged over 68% on Wednesday morning after the company reached a deal with the US government to deliver multiple unmanned surface vehicles.
OPTT is currently trading at $0.2260, up $0.0917 or 68.0267%, on a huge volume of 212 million shares, above average volume of 2.8 million, on the Nasdaq. The stock opened its trading at $0.1833 after closing Tuesday at $0.1343. The stock has traded between $0.1200 and $0.7700 in the past 52-week period.
Ocean Power announced it has reached an agreement in principle on a sole source contract award for multiple WAM-Vs for delivery to a Department of the US Government. The final contract award will be a Firm-Fixed-Price purchase order on a noncompetitive basis.
Terms of the deal have not been disclosed.
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