RELM Shares up 2.30 to 4.70s Surge on Getting Up To $750 Million Federal Contract
DOW JONES NEWSWIRES
RELM Wireless Corp. (RWC) was named as a contractor under a U.S. government contract for two-way radios and related equipment.
Shares surged 41% premarket to $3.43. The stock through Monday had already more than tripled this year.
The contract's maximum value is up to $750 million and could last five years. The equipment is for a host of federal agencies, including the departments of Justice, Treasury and Transportation. RELM already has contracts with other agencies and the U.S. Postal Service.
The company last month reported a 43% sales jump for the third quarter as earnings tripled.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com