XG Technology Up 80% In #PreMarket; In 5-Year Army Contract

XG Technology XGTI gained more than 80 percent in Tuesday's pre-market trading after it was named a U.S. Army subcontractor on a five-year project.

XG will work with prime contractor Science Applications International SAIC on the project, which has a ceiling value of $497 million.

The companies will provide communications and network services to a research and development unit of the the Army's Space and Terrestrial Communications Directorate.

Under the terms of the subcontract, XG Technology will provide research, development regarding antennas, system engineering, satellite communication, cybersecurity and communications networks.

XG Technology shares closed down Monday 3.65 percent at $1.85. At last check, it was up $1.31, or 71 percent.

Science Applications closed Monday at $44.52, up 1.81 percent.