Electro Optic Systems soars on $100m facility, new orders in Middle East, India
Make us a preferred source
Make us a preferred source on Google
The news: Defence and counter-drone manufacturer Electro Optic Systems (EOS) saw its shares rocket in morning trade after finalising a $100 million, two-year loan facility, and announcing new orders in the Middle East and India.
The numbers: EOS shares were up 15.3% to $10.35 at 10:45am AEDT. The stock is now up 841% over the last 12 months.
The company’s new $100 million loan facility was led by long-standing equity investor Washington H Soul Pattinson, and designed to support growth across he business, and fund payments for EOS’ acquisition of MARSS.
Meanwhile, EOS announced a new order, valued at $17 million, for remote weapon systems (RWS) to an unnamed Middle Eastern country within the Gulf Cooperation Council, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.
“The system is intended to strengthen defence systems in light of escalating regional tensions and conflicts,” the company said.
EOS also confirmed an order of between $1 million and $2 million for one naval RWS to a “large established prime contractor” in India. It marks EOS’ first sale in the defence industry in India.
