Red Cat shares surged 30,6% in premarket trading.
Red Cat Holdings says that its subsidiary Teal Drones has been awarded a firm-fixed-price, multiple award blanket purchase agreement(BPA) by the United States Customs and Border Protection as one of five contractors.
The BPA has an estimated value of $90 million in total over a 5-year ordering period.
Through the BPA, Department of Homeland Security agencies can place orders for unmanned aircraft systems.
The drones will provide supplemental airborne reconnaissance, surveillance, and tracking capability.
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