Electro Optic Systems secures US$124M order
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- Electro Optic Systems has secured a US$124 million counter-drone system order from United Arab Emirates firm Generation 5 Holding.
- The company's shares increased by 14.24% following the return from a trading halt.
- This order strengthens the strategic relationship between both companies ahead of an upcoming joint venture.
Electro Optic Systems (ASX:EOS) has secured a US$124 million counter-drone weapon system order from the United Arab Emirates.
This contract follows a substantial period of growth where the company's shares gained nearly 300% over the past year.
Electro Optic Systems will manufacture and deliver the systems during 2027 and 2028.
The company stated that the two parties have also agreed to establish a joint venture for laser weapons.
Following the announcement the Electro Optic Systems share price was up at $10.67.
The business recently completed a $150 million institutional placement to fund its acquisition of defence company MARSS.
Shareholders will vote on a conditional $30 million strategic share placement to Generation 5 Holding on June 26.
