Nuburu Inc BURU shares are trading higher on above-average volume Wednesday after the company announced it was selected by the U.S. Department of Defense for a contract for high energy laser systems.
What Happened: The Department of Defense selected Nuburu for a position on the multiple award Indefinite Delivery/Indefinite Quantity contract to build prototypes and equipment for solid-state high energy laser weapon systems.
Nuburu was one of seven companies selected in the multiple award contract worth up to $75 million. Other companies selected for the contract include divisions of Lockheed Martin Corp LMT and Rolls-Royce Holdings RYCEY, among others.
"NUBURU has the ability to manufacture laser diode, fiber optic and optical subsystems in the U.S. making us well positioned to support the DOD with its needs regarding this critical next-generation national security issue," said Mark Zediker, co-founder and CEO of Nuburu.
Nuburu noted that it did not include any potential revenue from this contract in its latest guidance for 2023.
Nuburu's average session volume is about 123,000, according to Benzinga Pro. Wednesday's trading volume has already exceeded 12 million at publication time.
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BURU Price Action: Nuburu shares were up 130.2% at $6.26 at the time of writing, according to Benzinga Pro.
Photo: RaniRamli from Pixabay.
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