XTEND Advances to Gauntlet II in $1 Billion U.S. Drone Dominance Program
JFB has more than doubled off its 52-week low of $2.45.
Summary
XTEND, the company JFB Construction Holdings is acquiring, has successfully qualified and advanced to the Gauntlet II phase of the U.S. Department of War's $1 billion Drone Dominance Program. This follows the May 28th news that XTEND was selected for the Phase II Qualifier. XTEND is now one of 19 companies selected to advance from 49 initial participants, demonstrating strong validation of its STRIKER platform. The program aims to procure 60,000 drone systems, representing a highly material potential revenue stream for the combined entity, especially given JFB's recent financial struggles and reported net losses. Gauntlet II, the next competitive stage, is scheduled to take place in August at Fort Carson, Colorado.
At the time of this announcement, JFB was trading at $5.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $81.3M. The 52-week trading range was $2.45 to $17.55. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.