Australia's Adacel Technologies jumps most in 11 months on contract win

Adacel Technologies

09/09/2024 04:08

** Shares of Australia's Adacel Technologies  ADA.AX  rise
as much as 27.3% to A$0.560, marking their biggest intraday pct
gain since early-October 2023
    ** Stock hits its highest level since Aug 14, last up 18.2%
at 0248 GMT 
    ** Air traffic solutions provider says it remains awardee of
Federal Aviation Administration (FAA) contract for tower
simulation system support & technical refresh 
    ** In October 2023, Adacel got the contract award from FAA
after competitive bid process     
    ** Following the award, protest was filed with the Office of
Dispute Resolution for Acquisition (ODRA) 
    ** In July, ODRA recommended FAA allow a bidder to resubmit
certain elements of its proposal and that this new proposal be
re-evaluated by FAA against ADA's original bid
    ** Contract valued $59 mln over five years 
    ** Stock up 39.9% YTD, as of 0248 GMT

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))