(RTTNews) - Shares of QuickLogic Corp. (QUIK) are gaining around 10% in the pre-market trading on Monday, after the semiconductor company announced that it has secured a $6.575 million contract.
The company said the contract is to support the continued development and demonstration of Strategic Radiation Hardened high-reliability Field Programmable Gate Array technology.
The contract intends to meet current and future Department of Defense strategic and space system requirements.
This is the fourth tranche of the multi-year program initiated in August 2022 and to date, QuickLogic had been awarded over $33 million.
Monday, QUIK had closed 1.51% less at $7.84 on the Nasdaq. In the premarket trading, QUIK is 10.20% higher at $8.64.
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