Coda Octopus Group Inc (CODA)

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Coda Octopus's stock more than doubles after Navy R&D pact

Shares of Coda Octopus Group Inc. (CODA) more than doubled (128%) toward a 10-year high in active premarket trade Monday, after the 3D sonar technology company said it has entered into a research development pact with the U.S. Navy to transition its prototype Divers Augmented Vision Display-Head Up Display system (DAVD-HUD) into a operational use. The plan indicates that the DAVD-HUD product will advance naval activities "significantly," and is considered a critical deliverable to Naval Sea Systems Command. Under terms of the deal, the DAVD-HUD prototype will transition to a first-generation operations system in production no later than 12 months from the date of the agreement. "This is a seismic shift as it paves the way for standardization of our real-time 3D sonar products into this very important market," said Coda Chief Executive Annmarie Gayle. The stock had shed 22% year to date through Friday, while the S&P 500 had gained 4.8%.

Company Release:
https://www.codaoctopusgroup.com/press-releases/detail/132/coda-octopus-group-enters-into-a-navy-cooperative-research