Shares of Actelis Networks Inc. (NASDAQ:ASNS) experienced a 110% surge in Tuesday’s pre-market trading after the IoT solutions provider disclosed its partnership with Carahsoft, a leading U.S. IT Software and Services Company.
What Happened: Actelis Networks was trading at $2.40 at the time of reporting. The partnership aims to broaden the accessibility of Actelis’ cyber-secure, immediate deployment IoT connectivity to U.S. Government Agencies.
Carahsoft will serve as the Public Sector distributor for Actelis, making the company’s hybrid-fiber connectivity solutions available to Federal, State, and Local agencies, as well as Educational organizations in the U.S. and Canada. This will be facilitated through Carahsoft's reseller partners and NASA Solutions for Enterprise-Wide Procurement (SEWP) V and OMNIA Partners contracts.
The company specializes in providing cyber-hardened, rapid-deployment networking solutions for wide-area IoT applications across various sectors.
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Why It Matters: Actelis Networks has been making significant strides in recent times. In early 2024, the company achieved certification from the Joint Interoperability Test Command and was listed on the Department of Defense Information Network (DoDIN) Approved Products List. It also secured the U.S. Department of Commerce National Institute of Standards and Technology (NIST) certification for the FIPS 140-2 cryptographic standard.
Following these achievements, the company’s stock soared by 700% after it secured new orders for its cyber-hardened technology to be deployed at three U.S. military bases.
However, the company’s shares fell by 37% after it announced an agreement for the immediate exercise of certain outstanding warrants for gross proceeds of $3 million.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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