In the Friday trading session, Sypris Solutions Inc. (NASDAQ: SYPR) increased by 59.07%, an increase of $1.66 from the previous closing price. The share price of Sypris Solutions stock reached as low as $3.41 during the trading session, while the highest point of the day was at $5.82.
According to data provided by Barclays, SYPR stock closed the previous session at $2.81, while the trading volume reached 130.34 million. News of receiving a follow-on contract for its subsidiary has boosted the SYPR stock.
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What was the contract for?
With high-end engineering services, Sypris meets customers’ needs for intricate, high-end, and mission-critical electro-mechanical and electronic devices. SYPR’s engineering and manufacturing services extend the entire product lifecycle within a Six Sigma/Lean culture and are backed by 50 years of experience. The SYPR team consists of partners from multiple departments and companies devoted to maintaining high-reliability standards in the Military, Space, Undersea, and Industrial arenas.
A follow-on contract for manufacturing and testing advanced electronic assemblies for a Government spacecraft program has been awarded to Sypris Electronics, LLC, subsidiary of Sypris Solutions.
- The first production run should take place in 2021.
- It was not disclosed what the agreement included.
- It is meant to serve as the exploration vehicle that will carry the astronauts to space, provide the ability to abort in an emergency, sustain missions, and allow safe re-entry back from deep space.
- A news release states that the spacecraft will feature advancements in propulsion, communications, power, structural design, and navigation technology.
- Destinations of the spacecraft include near-Earth asteroids, the Moon or Mars’ moons, and eventually the red planet itself.
What will SYPR get?
Having this program continues and expands is a bigger opportunity for SYPR. This partnership with a leader in the space industry will ensure the success of this critical mission for Sypris Solutions (SYPR).