AEVEX gains after firm denies report of US Navy halting defense orders
BUZZ-AEVEX gains after firm denies report of US Navy halting defense orders ** Shares of AEVEX Corp AVEX.N up 6.40% at $10.30 premarket
** The defense firm fell over 32% in Wednesday's session to its lowest level since its April IPO, after Bloomberg News reported that the US Navy halted new GARC orders over performance issues
** GARC stands for Global Autonomous Reconnaissance Craft, AVEX's unmanned drone boat used by the US Navy
** AVEX denies reports that Navy halted GARC orders, saying the service continues operating its fleet and funding upgrades under the existing contract
** Co says 2025 deliveries fulfilled per obligations, while changes to 2026 contract raise its value to $350 mln
** Recent reports do not affect the Maritime Systems division or financial performance - AVEX said
** As of last close, AVEX is down 51.6% from its IPO price of $20
(Reporting by Jayasree Prabhu)
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