[ad_1]
By Josh Beckerman
Shares of Rada Electronic Industries Ltd., which is merging with Leonardo DRS, rose sharply and then gave up most of its gains following Leonardo DRS issuing a press release about a U.S. Army contract that the Defense Department announced in April.
The Leonardo SpA unit will provide thermal weapon sights under a contract valued at $579 million over five years. The press release notes that the contract was awarded April 28.
Rada shares were recently up 1%, to $9.96, with an intraday high of $11.40.
Write to Josh Beckerman at josh.beckerman@wsj.com
Corrections and Amplifications
This article was corrected at 3:00 p.m ET because it incorrectly said the contract was disclosed Monday. Leonardo DRS issued a press release Monday about a U.S. Army contract that the U.S. Defense Department announced in April.
Leonardo DRS issued a press release Monday about a U.S. Army contract that the U.S. Defense Department announced in April. “Rada Electronic Shares Spike After Leonardo DRS Discloses Military Pact,” at 2:42 p.m. ET, incorrectly said the contract was disclosed Monday.
[ad_2]
Source link
