Benzinga's Microcap Movers for Wednesday March 28, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
RELM Wireless Corporation
Shares of RELM Wireless Corporation (NYSE: RWC), the West Melbourne, FL designer, manufacturer, and marketer of wireless communications products, rose 55% Wednesday on 43 times the average daily volume.
RELM Wireless announced Wednesday that it has been named as a supplier under the Tactical Communications (TacCom) contract issued by the U.S. Department of Homeland Security. The contract is for the procurement of P25 digital two-way radios and related equipment by all agencies of the DHS, as well as certain other non-DHS agencies, such as the U.S. Departments of Justice, State, Interior, and the White House Communications Agency. The maximum total value of the contract is $3 billion with a two-year base period commencing on March 26, 2012, and three one-year option periods from March 26, 2014 through March 26, 2017.
RELM Wireless closed at $1.82 on Wednesday.
Shares of Luna Innovations (NASDAQ: LUNA), the Winston-Salem, NC holding company for Southern Community Bank and Trust, rose 35% Wednesday on 17 times the average daily volume.
Luna Innovations announced Wednesday that it will be extending its development work through 2012 under its development and supply agreement with Intuitive Surgical (NASDAQ: ISRG), as they work towards the integration of Luna's shape and position sensing technology into Intuitive's medical robotic products.
This extension is to the multi-year development and supply agreement the companies entered into in June 2007, under which Luna would supply and license to Intuitive its fiber-optic based shape sensing and position tracking system for use in Intuitive's products. Intuitive Surgical is the global technology leader in robotic-assisted minimally invasive surgery. Luna has made great leaps in advancing its shape sensing technology and will continue these efforts through 2012 as Luna and Intuitive aim towards commercialization.
Luna Innovations closed at $1.66 on Wednesday.
Shares of Tofutti Brands (NYSE: TOF), the Cranford, NJ developer, producer, and marketer of nondairy frozen desserts and other food products, rose 44% Wednesday on 56 times the average daily volume. Tofutti CEO David Mintz made an appearance on CNBC on Wednesday, causing a spike in the share price.
The company also issued a press release, commenting on recent price movements. Tofutti said there have been no material undisclosed developments which would account for the recent increase in the price of its common stock. The Company was notified today by the NYSE Amex of unusual trading activity in its stock. The NYSE Amex has asked the Company to respond by press release to the unusual activity. The Company's policy is not to comment on market rumors or speculation including unusual market activity.
Tofutti Brands closed at $2.20 on Wednesday.
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