Australia's Adacel Technologies jumps most in 7 months over FAA contract award

Adacel Technologies

04/10/2023 24:50

** Shares of Adacel Technologies  ADA.AX  rise as much as
16.8% to A$0.660, their highest levels since May 29
    ** Stock last up 15%, sees best day since March 8, if
current gains hold
    ** Software co awarded new five-year contract from the
Federal Aviation Administration (FAA)
    ** Co says FAA contract valued at $59 mln
    ** Co adds contract to encompass comprehensive range of
services connected with existing installed network of Tower
Simulation Systems (TSS), including maintenance and support of
TSS hardware, among others
    ** 159,182 shares change hands, 2x compared with the 30-day
average volume of 79,638 shares
    ** Stock has fallen 31.9% this year as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))