Shares of RADA Electronic Industries Ltd. (RADA) are higher by nearly 50% in after-hours trading on Wednesday after the company announced the deployment of its radar systems along Israel’s border with the Gaza strip.
The Israel-based defense electronics contractor said the systems are operational and connected to the National Alert System, providing life-saving warnings about short range threats – including mortar shells, rockets and other aerial threats – to communities adjacent to Israel’s southern border.
According to Zvi Alon, RADA’s CEO, “After the Protective Edge operation (July, 2014), we began deployment of our systems along the Gaza strip. The radars are operating 24/7 and providing continuous surveillance. The success of these systems has generated international interest in their capabilities, and they are under evaluation by a number of customers around the world for use in a variety of missions, including C-UAS, C-RAM, air surveillance, and more.”
The news appears to be moving the Street to the bullish side this afternoon, leading to rally of $0.29 to $1.00 on a volume of 1.2 million shares. Shares in the $10.7 million market cap company gained 8.94 percent during regular trading to close at $0.68.