Why SPCB Surged Over 50% Today? SuperCom (SPCB)
Aug 24th, 2022 13:18 EST
Why SPCB surged over 50% today during the premarket hours? The stock price of SuperCom (NASDAQ: SPCB) experienced a significant surge of more than 50%, with an incredible volume of 5.8M today during the premarket hours. Here is what you need to know about it. On August 24th, at 8:27 EST, SuperCom (NASDAQ: SPCB) announced that it had been awarded an over $33 million contract by the national government of a European Union (EU) member country to deploy its PureSecurity Electronic Monitoring (EM) Suite for a domestic violence monitoring, GPS Tracking of offenders and home detention monitoring program. The traders and investors found the news appealing, and its stock price surged over 50% in less than an hour. The award was won through a formal bid process, with over eight international companies taking part in the bidding process. SuperCom (NASDAQ: SPCB) is a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors. The company works with its local partners. It is located in Israel. SPCB’s PureSecurity Suite is the best electronic monitoring and tracking platform. Some of its innovative features include advanced anti-tamper mechanisms, multi-factor biometrics, the newest location technologies and sensors, practically limitless historical data, seamless 3rd party API integration, and an ultra-lightweight ankle bracelet with proprietary energy efficiency algorithms. This is the first EM project in the country. There are many countries that have chosen SuperCom’s EM solutions and further expanded SuperCom’s footprint into an additional country in the EU. The nationwide program is expected to encompass all EM offender programs within the country, up to 15,000 enrollees simultaneously, and include a unique integration of multiple offender tracking sub-programs. The value of the contract is over $33 million. The budget is based mainly on monitoring software, EM products, and complimentary services spread over five years, plus an additional two years of continued services.