Intrusion Shares Climb 57% After $5 Million Contract, Offering Withdrawal
By Chris Wack
Intrusion shares were up 57% to 55 cents after it was awarded a $5 million contract with a large telecommunications provider to provide Intrusion Shield support for its data centers.
The award includes a phased rollout of Intrusion Shield beginning in the fourth quarter and builds on a successful pilot that began in the first quarter of 2023.
The terms of the five-year award allow for further expansion of the use of Intrusion Shield, with the possibility of generating additional revenue after the completion of the initial set of projects. During the third quarter of 2023, Intrusion also booked four other new contracts, which are also expected to grow over time.
Intrusion also said on Tuesday in a filing to the Securities and Exchange Commission that it was withdrawing a planned registered stock offering. In August, the company said it was going to have an offering of up to 8.17 million units, consisting of shares and warrants.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 10, 2023 11:16 ET (15:16 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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