NEW YORK (TheStreet) -- xG Technologyundefined stock is spiking on Tuesday after the company announced it had been awarded a subcontractor position from the U.S. Army.
The multiple-award contract will see xG provide communications and network services over a five-year period. The contract is worth up to $497 million. xG teamed with primary contractor Science Applications International Corporation (SAIC) - Get Free Report on this contract.
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"xG has amassed substantial experience in pioneering, developing and deploying new paradigms in RF communications and cognitive radio solutions," xG CEO John Coleman said in a statement.
"We expect the industry-leading innovations we have introduced in spectrum sharing, advanced interference mitigation techniques, performance-enhancing antenna technologies and efficient over-the-air protocols will provide true benefits to both our current and future generations of warfighters," he continued.
By midday, shares had spiked 29.2% to $2.39. Trading volume of 10.9 million shares was more than nine times its three-month daily average.