Security Tech Stock Jumps on Government Contract

Patriot One Technologies Inc. (TSX:PAT), a Canadian security tech stock, powered higher after securing a contract with Canada’s Department of National Defence

Sean Mason | May 26, 2020 | SmallCapPower

A government contract to help firefighters propelled a Canadian security tech stock Tuesday. Here’s some small stocks making big moves on Tuesday, May 26, 2020 (as of 4 pm EST):

Patriot One Technologies Inc. (TSX:PAT), a Canadian security tech stock, climbed 10% to $0.91 on Tuesday after its wholly-owned subsidiary, Xtract Technologies, announced that it has secured a $157,000 contract with Canada’s Department of National Defence to provide innovative devices, applications, personal protective equipment and technology to help firefighters.

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As well, shares of 48North Cannabis Corp. (TSXV:NRTH) fell 22% to $0.255 as the Canadian cannabis company said its third-quarter 2020 revenue rose 55% quarter over quarter to $2.8 million, while taking a $4.1 million impairment charge related to the acquisitions of Rare Industries, Inc. and Sackville & Co. Merchandising Ltd.

Naturally Splendid Enterprises Ltd. (TSXV:NSP), meanwhile, reported that a Clinical Trial Application has been submitted to Health Canada for a COVID-19 Phase 2 clinical trial, using Cavaltinib as the subject test drug. Naturally Splendid Enterprises stock moved up 9% to $0.06 following the announcement.

Finally, Meta Growth Corp. (TSXV:META) shares gained 17% to $0.14 after the Canadian recreational cannabis retailer announced a binding letter of intent to purchase the Meta Cannabis Co. branded recreational cannabis store in Kitchener, Ontario, in consideration for approximately $1.5 million that is comprised of $250,000 in cash and the assumption of about $1.25 million in related party debt.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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