Telos rallies 25% after $12.5 bln U.S. Air Force contract win

Telos

20/08/2024 17:07

** Telos Corp  TLS.O  shares jump as much as 25.2% to $3.62
on Tues after cybersecurity firm awarded $12.5 bln contract from
U.S. Air Force for base infrastructure modernization
    ** Stock last up 19.6% at $3.46
    ** TLS said early Tues contract seeks to modernize, operate
and maintain network infrastructure on all Department of the Air
Force locations
    ** Contract awarded through competitive process, and the
work to be performed globally and expected to be completed by
Aug 15, 2034, co said
    ** It added some task orders could be extended past 2034
    ** On Aug 9, TLS shares plunged ~47% to $2 after co reported
widening qtrly loss and rev decline
    ** With move on the session, shares off ~5% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))