BlackSky Technology (BKSY.US) is up more than 14% in today's session following news that it has been awarded a new contract by the US Navy. The contract is related to the Overmatch research project, in which the Army intends to improve communications between key military infrastructure.
BlackSky will be responsible for the development and delivery of advanced inter-satellite optical devices connecting military terminals to Gen-3 satellites, in order to provide the military with real-time images of the battlefield.
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Create account Try a demo Download mobile app Download mobile appThe development of this product could allow the company to expand its portfolio in civilian projects as well, through the creation of prototypes and concepts that improve logistics solutions in the supply chain.
Today's news of the new contract helped reduce the declines we've seen in the stock price this week, after BlackSky announced the issuance of 10 million new shares at $4/share. The decision to dilute the capital was received negatively by investors, and the stock price fell 21% from $5, to around $4.02. Even taking into consideration today's gain of over 14%, the price is still lower than its levels at the beginning of the week.
