EOS stocks rise further following $53m counter drone deal
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The news: Defence and space industry manufacturer Electro Optic Systems’ (EOS) stock price rally further on Tuesday after it on Monday announced a €31 million ($53 million) order for its ‘Slinger’ counter drone systems for use by a Western European navy.
The numbers: EOS shares were up by 6.08% at $1.58 by 1:00pm AEST, building on gains from Monday.
The context: The counter drone deal was signed with a European naval systems integration business that is funded by a Western European government. It is EOS' largest order for naval remote weapon systems, according to a statement to the exchange.
The counter drone systems are intended to address urgent operational requirements in Europe and delivery is expected to occur during 2025 and 2026.
On Tuesday, EOS held its annual general meeting and successfully passed all resolutions, including the approval of an additional 10% capacity to issue equity securities under ASX rule 7.1A.
