Whenever a company is awarded a new financial grant then it is likely that its stock would also come into focus among investors and that was the case with the Applied Energetics Inc (OTCMKTS:AERG) stock yesterday.
On Wednesday, AERG stock decreased 2.83% to $2.06 with more than 12k shares, compared to its average volume of 77k shares. The stock moved within a range of $2.0200 – 2.1900 after opening trade at $2.15.
Applied Energetics Awarded Multi-Year Grant with the Office of Naval Research
On Wednesday, the company announced that the Department of the Navy, Office of Naval Research had awarded it a two-year grant worth as much as $3.89 million. By way of this grant, the company is going to be responsible for the development of an optical system that is going to be able to tackle specific threats to platforms used by the United States Marine Corps.
The company is best known for having developed the directed energy technology that is going to be deployed in this particular project. The grant was awarded to the company so that it could further develop its technology.
The ultimate aim of this grant is to help in the development of the technology and then use the technology in a range of United States Marine Corps platforms. It is a major milestone for Applied Energetics and it is likely that the stock is going to be on the radars of plenty of investors in the coming days.
“We are very excited about the opportunity to partner with the USMC and ONR to develop and integrate our directed energy technology,” said Dr. Greg Quarles, President and CEO of Applied Energetics. “Our ultrashort pulse laser technology is expected to complement existing optical technologies, enabling the USMC to continue to mature its layered air defense capabilities.”
AERG stock is trading below the 20-Day and 50-Day Moving averages of $2.05 and $2.10 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.07.