Software company Sigma Labs (NASDAQ:SGLB) has announced that it's been awarded a contract by Mitsubishi Heavy Industries, sending its stock price driving higher.
Mitsubishi, an engineering and manufacturing company, will require Sigma to implement the PrintRite3D in-process quality assurance software.
The system will be installed on a laser power bed fusion system and will help with the development and qualification of Mitsubishi's additive manufacturing production processes according to Sigma's press release.
Sigma's share Price…
Shares of Sigma Labs surged as much as 190% after the news and are currently trading at $5.42, up 117%.
The last time it traded at this level (represented by the orange line in the picture) was back in early March.
“The increasing number of customers pursing [sic] implementation of PrintRite3D is a testament to the growing industry need for in-process quality assurance.”
“We look forward to working with this well-respected industry leader known for their innovative and integrated technology to demonstrate the benefits of PrintRite3D, reduce risk and ensure quality of their additive manufacturing operations,” said Mark Ruport, Chief Executive Officer of Sigma Labs.