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Palladyne AI Subsidiary Wins US Navy Contract For Developing New Missiles - PDYN Stock Soars Pre-Market
(MENAFN- AsiaNet News)
Palladyne AI Corp. (PDYN) on Wednesday announced that its subsidiary has been awarded a contract by the U.S. Navy to develop new air-launched, near-hypersonic, long-range, low-cost missiles.
Palladyne's subsidiary GuideTech will develop the new Air-Launched Rapid Response Missile (ALRRM). The company said that ALRRM is expected to deliver nearly hypersonic speed and long range at a fraction of the cost of other hypersonic weapons.
Palladyne AI shares were up nearly 12% in Wednesday's pre-market trade. Retail sentiment on Stocktwits around the company trended in the 'neutral' territory. PDYN was the second most trending ticker on the platform at the time of writing.
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