SuperCom (NASDAQ:SPCB) stock is skyrocketing on Friday after announcing a massive deal with the Israeli government. This will have it providing the government with quarantine compliance devices to help manage the novel coronavirus pandemic.
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The Israeli government will be making use of SuperCom’s PureHealth Coronavirus(COVID-19) Quarantine Compliance Solution. This includes a PureCare smartphone and PureTag bracelet to monitor those in quarantine.
To go along with this, the company will also be providing extra services for the devices. Among those services are “installation, training for users, support, monitoring, and reporting.”
SuperCom notes that the deal is set to last for three months and could generate up to $3 million per month in revenue for it. There’s also an option to extend the deal for an additional 36 months.
According to SuperCom, the Israeli government is set to start a nationwide program using the monitoring tech next week. This comes after the completion of a successful trial run of the device. That saw people returning to the country via airport given the chance to use the device while in quarantine.
Ordan Trabelsi, president and CEO of SuperCom, said the following about the deal boosting SPCB stock up today.
“We are honored to receive the award by the Israeli government for this large and important national project. This further affirms our strategic approach to mitigating the spread of the coronavirus without causing undue intrusion into daily life.”
SPCB stock is experiencing heavy trading on Friday following news of the deal. That has more than 115 million shares changing hands as of this writing. For comparison, its daily average trading volume is roughly 4 million shares.
SPCB stock was up 57.9% as of Friday morning and is up 112% since the start of the year.
Plenty of other stocks are also catching the eyes of investors today.
A handful of other stocks are on the rise as investors take interest in the companies. That includes Atlantic American (NASDAQ:AAME), ZK International (NASDAQ:ZKIN), Express (NYSE:EXPR), Tuya (NYSE:TUYA), and more. Catch up on the latest stock news from InvestorPlace.com below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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