Alpine 4 Holdings Inc (NASDAQ:ALPP) shares are trading higher Monday. After the close on Friday, the company announced that one of its subsidiaries received a purchase order from a U.S. government contractor.
What Happened: Alpine 4 subsidiary Vayu Aerospace Corporation received its first purchase order for $5.25 million from its $100 million supply agreement with All American Contracting. The purchase order requires a 10% down payment.
The existing supply agreement provides a one-year warranty on airframes, electric motors and electronics, as well as a five-year warranty on the engine.
“The team at Vayu Aerospace Corporation has worked relentlessly towards this moment. Their continued commitment to refining our aircraft, along with their standards of excellence, has them poised to start driving significant revenue,” said Kent Wilson, CEO of Alpine 4.
Alpine 4 is a holding company that acquires businesses that fit into one of its portfolios, which includes aerospace, defense services, technology, manufacturing and construction services.
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ALPP Price Action: Alpine 4 shares were up 23.8% at $2.08 at the time of publication, according to Benzinga Pro.
Photo: StockSnap from Pixabay.
