Shares of WISeSat.Space climbed 5.7% to reach $6.47 on Monday, offering a brief respite for a stock that has shed 38% of its value since the start of the year. SEALSQ, the entity behind the purchase order, saw its own shares rise 2.3% to $1.59 following the announcement.
In section Market Quotes
WISeSat.Space Stock Gains on $15 Million Satellite Order
A potential $15 million deal between sister companies has sparked a rally for WISeSat.Space, as the firm prepares to supply a dozen satellites to SEALSQ. The agreement aims to anchor the foundation of the Quantum Spatial Orbital Cloud, a new communications platform designed for high-security orbital operations.
Under the terms of the letter of intent, WISeSat.Space will handle the procurement and operation of the satellite constellation and its mission control center. SEALSQ intends to utilize this infrastructure to build out the security-services layer for the QSOC platform. This transaction deepens the ties between the two companies, arriving shortly after SEALSQ finalized a $10 million private investment in the space-tech firm and WISeSat.Space commenced trading on the Nasdaq earlier this month.
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