Frequency Electronics Inc: Surges on nearly $29 mln contract win

Frequency Electronics

02/07/2020 11:18

** Electronic products manufacturer's shares  FEIM.O  rise
as much as 36.1% to a nine-month high of $12 premarket
    ** Co wins a contract for frequency generation subsystems
from a major aerospace and defense prime contractor  urn:newsml:reuters.com:*:nGNX2RP4Yq
    ** The agreement value is $28.6 million
    ** Products produced by FEIM will be used in a critical U.S.
government defense satellite program 
    ** This is a very significant win for us and one which
clearly establishes FEI as the premier source for time and
frequency references for space applications - CEO
    ** Up to Wednesday's close, stock down 10% YTD

 (Reporting by Shivani Kumaresan in Bengaluru)
 ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780))