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CFMS

Conformis

$0.62 /

-0.1349 (-17.87%)

07:48
03/23/20
03/23
07:48
03/23/20
07:48

Conformis announces furlough of approx. 80 employees

The company said, "Currently we are experiencing a significant drop off in orders as elective cases are deferred. It is too early to estimate the total slope of the decline and the duration. Barring a complete national ban on elective surgery, we do not expect it to come to a compete standstill. We are actively monitoring our incoming orders and plan to continue production. We have also announced a furlough of approximately 80 employees and substantially all of our temporary workforce effective as of today. In preparing to implement this furlough, we reviewed the role of every Conformis employee and identified functions that are essential and non-essential to support the business over the next eight weeks at reduced production and sales levels. As this crisis passes and orders trend up, we expect to recall employees as needed. Conformis continues to work with its customers to navigate through this crisis. While there have been historically high levels of cancelled scheduled surgeries, we do expect these cases to eventually move forward. We are planning for our products to be available when they are rescheduled."

CFMS Conformis
$0.62 /

-0.1349 (-17.87%)

08/01/19 BTIG
Conformis downgraded to Neutral from Buy at BTIG
08/01/19 BTIG
Conformis downgraded to Neutral from Buy at BTIG

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Periodicals
Morgan Stanley wins antitrust approval for E-Trade acquisition, Bloomberg says » 18:54
03/27/20
03/27
18:54
03/27/20
18:54
MS

Morgan Stanley

$34.01 /

-1.67 (-4.68%)

, ETFC

E-Trade

$34.00 /

-1.77 (-4.95%)

Morgan Stanley (MS) won…

Morgan Stanley (MS) won U.S. antitrust approval for its $13B acquisition of E*Trade (ETFC), Bloomberg's David McLaughlin reports, citing a person familiar with the matter. The Justice Department's antitrust division has signed off on the takeover without requiring any changes, said the person, who asked not to be identified because the decision hasn't been made public. A Morgan Stanley spokesman declined to comment, the report added. Reference Link

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AG Mortgage disputes RBC's notices of events of default » 18:48
03/27/20
03/27
18:48
03/27/20
18:48
MITT

AG Mortgage

$4.02 /

-0.06 (-1.47%)

, RY

Royal Bank of Canada

$58.75 /

-2.72 (-4.42%)

On March 24, the company…

On March 24, the company received written notices from certain affiliates of Royal Bank of Canada alleging that events of default had occurred with respect to various financing agreements. The company disputes RBC's notices of events of default and filed a suit in federal district court in New York describing the wrongful conduct by RBC and seeking both to enjoin RBC from selling the company's collateral securities as well as damages. The company has also received notifications from several additional financing counterparties of alleged events of default under their financing agreements, and of certain of those counterparties' intentions to accelerate the company's and such subsidiaries' performance obligations under the relevant agreements. Under the terms of the applicable financing arrangements, if the company fails to deliver additional collateral or otherwise meet margin calls when due, the financing counterparties may demand immediate payment by the company of the aggregate outstanding financing obligations owed to such counterparties, and if such financing obligations are not paid, may sell the securities and apply the proceeds to the company's financing obligations and/or take ownership of the securities securing the company's financing obligations. The company may also be liable for a shortfall if the proceeds from such sale or value of such securities is less than the relevant financing obligation.

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AG Mortgage continues discussions with counterparties on forbearance agreements » 18:44
03/27/20
03/27
18:44
03/27/20
18:44
MITT

AG Mortgage

$4.02 /

-0.06 (-1.47%)

Since March 23, the…

Since March 23, the company and several of its subsidiaries have received notifications from several financing counterparties of alleged events of default under their financing agreements, and of certain of those counterparties' intentions to accelerate the company's and such subsidiaries' performance obligations under the relevant agreements. The company and its subsidiaries have disputed certain of those notices. However, in the event of a default under one or more of those agreements, financial and other obligations under such agreements, and in some cases the company's obligations as a guarantor, may be accelerated and the counterparties may take ownership of the securities pledged to secure the financing obligations by the company or its subsidiaries. Certain counterparties have informed the company that they have sold the securities pledged to secure the financing obligations. The company and its subsidiaries also may be subject to penalties under those agreements and may suffer cross-default claims from its other lenders. The company continues to engage in discussions with its financing counterparties with regard to entering into forbearance agreements pursuant to which each counterparty would agree to forbear from exercising its rights and remedies with respect to an event of default under the applicable financing arrangement for an agreed-upon period. The company cannot predict whether its financing counterparties will enter into a forbearance agreement, the timing of any such agreement, or the terms thereof.

Hot Stocks
AG Mortgage suspends dividends » 18:41
03/27/20
03/27
18:41
03/27/20
18:41
MITT

AG Mortgage

$4.02 /

-0.06 (-1.47%)

On March 27, the company…

On March 27, the company announced that the Board has approved a suspension of the company's quarterly dividends on the company's common stock, the company's 8.25% Series A Cumulative Redeemable Preferred Stock, the company's 8.00% Series B Cumulative Redeemable Preferred Stock, and the company's 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, beginning with the common dividends that normally would have been declared in March and the preferred dividends that would have been declared in May. The Board's decision reflects the company's continuing focus on conserving capital and improving its liquidity position during the current market volatility.

Hot Stocks
JetBlue 'applauds' Trump Administration, Congress for passing CARES Act » 18:39
03/27/20
03/27
18:39
03/27/20
18:39
JBLU

JetBlue

$9.76 /

-1.16 (-10.62%)

JetBlue CEO Robin Hayes…

JetBlue CEO Robin Hayes issued the following statement: "JetBlue applauds President Trump, his Administration and the bipartisan leadership in Congress for coming together to swiftly pass and enact the CARES Act, a bill critical to the future of not just of our aviation industry but our entire country. This historic legislation is an important step for those affected by this unprecedented pandemic. Airlines will continue to provide critical air service throughout this crisis, and we stand ready to support the economic recovery when the crisis is over."

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Owens & Minor CEO: We have been ramping PPE production since January » 18:38
03/27/20
03/27
18:38
03/27/20
18:38
OMI

Owens & Minor

$5.51 /

-0.035 (-0.63%)

In an interview on…

In an interview on CNBC's Mad Money, Owens & Minor CEO Edward Pesicka said the company has been running facilities 24/7 to produce masks and other protective equipment. He noted that global demand has increased "exponentially," and the company is working with FEMA and the White House. "We've drastically improved our customer service over the past year," Pesicka added.

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Stage Stores to temporarily close all stores, furlough employees » 18:36
03/27/20
03/27
18:36
03/27/20
18:36
SSI

Stage Stores

$0.40 /

-0.0392 (-8.86%)

Stage Stores announced a…

Stage Stores announced a series of steps the company is taking to reduce costs and preserve liquidity in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic. These steps include: Temporarily closing all 738 of its stores at 6 p.m. local time on March 27. Prior to the closings, the company had approximately 393 stores closed in compliance with state and local regulations. The company's stores closing are primarily located in smaller markets and have been operating with reduced hours; Furloughing virtually all the company's associates in stores, field support roles and at the distribution centers. In addition, 87% of the employees at its Houston Support Center are being furloughed, effective March 29. All furloughs will continue until further notice. The company has identified 80 key associates who perform essential functions who are not subject to furlough at this time. While the company will not pay wages to furloughed associates, it will continue the eligible furloughed associate's health and welfare benefits; Reducing pay by at least 25% for the members of the executive leadership team. Members of the company's Board of Directors will not receive compensation during this period. All reductions in pay are effective March 29, and will remain in effect for a period to be determined; and The company will continue to both explore additional opportunities to reduce costs in the near term and evaluate additional measures to preserve liquidity.

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Abeona Therapeutics says current clinical trial sites remain open » 18:25
03/27/20
03/27
18:25
03/27/20
18:25
ABEO

Abeona Therapeutics

$2.07 /

-0.015 (-0.72%)

The company said,…

The company said, "We remain committed to advancing our clinical programs, but recognize delays are inevitable in these uncertain times, especially as healthcare resources are justly redirected to those who need them most. We are continually assessing the dynamic situation and implementing plans to minimize disruption. We are also constantly reviewing these plans and associated processes and policies to ensure our patients and employees are safe, and continuity in our scaled back operations remains. While the full impact on our clinical programs cannot be quantified at this point, what we do know is that all current clinical trial sites remain active. We can say with certainty that some sites have paused screening and delays are expected as the situation evolves globally. What we won't know for the foreseeable future is the long-term impact. However, we remain dedicated to communicating frequently and openly with our stakeholders as more information becomes available, including updates on material changes to prior guidance as we continue to follow applicable government, regulatory and institutional guidelines."

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Supreme Court of Texas rejects Steak 'n Shake bid to dismiss employee lawsuit » 18:24
03/27/20
03/27
18:24
03/27/20
18:24
BH

Biglari

$50.27 /

-3.51 (-6.53%)

For the second time, the…

For the second time, the Supreme Court of Texas has rejected an attempt by Steak 'n Shake to dismiss a lawsuit filed by a former employee who was allegedly sexually assaulted by her manager. The ruling marks an important victory in efforts to hold businesses accountable for the actions of supervisors, said trial lawyer Matthew McCarley of Dallas-based Fears Nachawati, who represents the plaintiff. With this action, McCarley said he is confident that Steak 'n Shake will have to answer to the claims in a jury trial.

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Earnings
Manitowoc withdraws FY20 guidance » 18:22
03/27/20
03/27
18:22
03/27/20
18:22
MTW

Manitowoc

$7.88 /

-1.16 (-12.83%)

The company said,…

The company said, "Manitowoc is providing a business update regarding the COVID-19 pandemic. The company continues to monitor and comply with all applicable government health and safety mandates, with the primary goal of ensuring the safety, health and well-being of all our employees, their families, suppliers and customers. Manitowoc remains committed to meeting our customers' expectations, which include delivery of cranes and providing essential parts and services. The continuing spread of the COVID-19 pandemic has begun to impact Manitowoc's global operations and supply chain. The pandemic has impacted the company's global manufacturing activities including the temporary suspension or plans to suspend normal manufacturing activity at our production facilities around the world. At this time, the company is continuing to operate its U.S. manufacturing facilities and plans to continue operations, as permitted by local authorities and our ability to procure materials from our supply chain. Manitowoc's China manufacturing facility was closed for several weeks earlier in the first quarter; however, it has since resumed normal operations. The magnitude of the COVID-19 pandemic on Manitowoc's business, financial position, results of operations and liquidity, which could be material, cannot be reasonably estimated at this time due to the rapid pace of developments associated with the pandemic. Manitowoc's financial results for 2020 will be determined by the length of time the pandemic continues, its geographic spread, its effect on the demand for our products and services, our supply chain, as well as the effect of governmental regulations imposed in response to the pandemic. As a result, Manitowoc is withdrawing its financial outlook for 2020 provided in the press release filed as Exhibit 99.1 to its Form 8-K filed on February 6, 2020 and discussed on its February 7, 2020 earnings call. Manitowoc's financial position remains strong, ending 2019 with $199 million of cash on hand and total liquidity of $445 million. The company believes it has adequate liquidity to meet its cash requirements over the foreseeable future and remains in close contact with its banking partners. Manitowoc will provide an update to its business operations, market conditions and financial results during its 2020 first-quarter press release and earnings call."

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Western Asset Mortgage suspends dividend, increases portfolio liquidity » 18:09
03/27/20
03/27
18:09
03/27/20
18:09
WMC

Western Asset Mortgage

$4.01 /

+0.315 (+8.53%)

The company provided the…

The company provided the following updates: As of March 27, the company has met its current margin calls. The company has been working constructively with its counterparties throughout this challenging period. Given the difficult market conditions there can be no assurance that issues may not arise in the future. The company estimates that its book value per share as of March 26, has declined in a range of approximately 55%-60% since December 31, 2019. The company is increasing portfolio liquidity and reducing leverage by selling securities and restructuring or eliminating the associated hedges. The company is suspending its first quarter common stock dividend given the current market conditions and the need to preserve liquidity. During these unprecedented market conditions, the company remains focused on and committed to preserving long term value for its shareholders.

Hot Stocks
Genesco executives to forgo, reduce salaries » 17:52
03/27/20
03/27
17:52
03/27/20
17:52
GCO

Genesco

$13.41 /

-1.245 (-8.50%)

In a regulatory filing,…

In a regulatory filing, Genesco disclosed, "In response to the current business environment as impacted by COVID-19, the company is taking several precautionary measures and appropriately adjusting its operational needs, including a significant reduction of expense, capital and planned inventory receipts. As part of these measures, on March 25, we made the following decisions regarding temporary reduction of executive and Board of Directors compensation: Our Chief Executive Officer, Mimi E. Vaughn, and a number of her direct reports will receive no salary (effective April 1, 2020) other than an amount covering benefits provided by the company. The remainder of her direct reports will receive a 50% reduction in salary (effective April 1, 2020). Our Executive Chairman, Robert J. Dennis, will receive no salary (effective April 1, 2020) under his Transition Agreement dated as of October 31, 2019. Our Board of Directors will also temporarily forego their cash compensation (or stock in lieu of cash compensation) in support of the company's cost-cutting initiatives."

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Raytheon awarded maximum $104.74M Defense Logistics Agency contract » 17:52
03/27/20
03/27
17:52
03/27/20
17:52
RTN

Raytheon

$141.91 /

-13 (-8.39%)

Raytheon has been awarded…

Raytheon has been awarded a maximum $104.74M undefinitized, firm-fixed-price delivery order against six-year contract for radar system spare parts for the P-8 aircraft. This was a sole-source acquisition using justification 10 U.S. Code 2304, as stated in Federal Acquisition Regulation 6.302-1. Location of performance is Texas, with a September 8, 2023, performance completion date. Using customers are Navy, United Kingdom, Norway and South Korea. Type of appropriation is FY20 through FY23 Navy working capital funds and Foreign Military Sales funds. The contracting activity is the Defense Logistics Agency Aviation.

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Raytheon awarded $152.46M Defense Logistics Agency contract » 17:48
03/27/20
03/27
17:48
03/27/20
17:48
RTN

Raytheon

$141.91 /

-13 (-8.39%)

Raytheon has been awarded…

Raytheon has been awarded a maximum $152.46M undefinitized firm-fixed-price delivery order against six-year contract for F/A-18 advance targeting forward looking infrared pod aircraft consumable spare parts. This was a sole-source acquisition using justification 10 U.S. Code 2304, as stated in Federal Acquisition Regulation 6.302-1. Location of performance is Texas, with a March 31, 2024, performance completion date. Using military service is Navy. Type of appropriation is FY20 through FY24 Navy working capital funds. The contracting activity is the Defense Logistics Agency.

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Quorum Health receives NYSE continued listing standard notice » 17:47
03/27/20
03/27
17:47
03/27/20
17:47
QHC

Quorum Health

$0.59 /

-0.0574 (-8.83%)

Quorum Health Corporation…

Quorum Health Corporation announced that it was notified on March 23, 2020 by the NYSE that it was not in compliance with the NYSE's continued listing standards as a result of the average closing price of the company's common stock being less than $1.00 per share over a consecutive 30 trading-day period. As set forth in the March 2020 Notice, as of March 20, 2020, the 30 trading-day average closing share price of the company's common stock was 94c. In accordance with the NYSE rules, the company has a period of six months following the receipt of the notice to regain compliance with the minimum share price requirement. The NYSE rules require the company to notify the NYSE, within 10 business days of receipt of the notice, of its intent to cure this deficiency or be subject to suspension and delisting procedures.

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Oshkosh awarded $100.89M Army contract » 17:46
03/27/20
03/27
17:46
03/27/20
17:46
OSK

Oshkosh

$57.97 /

-4.36 (-7.00%)

Oshkosh was awarded a…

Oshkosh was awarded a $100.89M fixed-price-incentive contract for heavy expanded mobility tactical trucks, palletized load system, or PLS, trucks and PLS trailers on the family of heavy tactical vehicles. Bids were solicited via the internet with one received. Work will be performed in Oshkosh, Wisconsin, with an estimated completion date of August 31, 2022. FY18, FY19 and FY20 other procurement, Army funds in the amount of $100.89M were obligated at the time of the award. U.S. Army Contracting Command is the contracting activity.

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Genesco extends store closures, implements furloughs for ~3,000 employees » 17:43
03/27/20
03/27
17:43
03/27/20
17:43
GCO

Genesco

$13.41 /

-1.245 (-8.50%)

In a regulatory filing,…

In a regulatory filing, Genesco disclosed, "On March 27, the company reported the taking of certain additional proactive steps designed to mitigate the negative financial and operational impacts of the COVID-19 pandemic, including the following: As previously disclosed in the company's Current Report on Form 8-K filed March 18, 2020, the company temporarily closed all of its North American stores across its brands through March 28, 2020. The company is now extending this closure until such time as the stores can be opened safely. Currently, customers can continue to shop online through the company's websites across all of the company's North American brands. The company is implementing furloughs for approximately 3,000 full-time store level employees in North America. The employees on furlough will not receive direct compensation from the company but will continue to receive employee benefits, including medical, dental and vision benefits. As previously disclosed in the company's Current Report on Form 8-K filed March 23, 2020, Schuh Limited temporarily closed all of its stores in the United Kingdom and Ireland. Schuh Limited has now temporarily closed its e-commerce business effective March 26, 2020. Schuh Limited is implementing furloughs for its approximately 3,500 store and distribution center employees under the United Kingdom Government's program which reimburses 80% of salary costs for individuals not working due to the pandemic. These changes will be reviewed based on future operating conditions and we will continue to take appropriate measures to address our changing needs. Although it is difficult to reasonably determine the current impacts of the COVID-19 pandemic at this time, the company expects the ongoing, global economic impact from the COVID-19 pandemic to have an adverse impact on its financial condition and results of operations. Accordingly, we will continue attempting to take all reasonable steps, including cost reduction measures, to mitigate the impact of the COVID-19 pandemic."

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Syndicate
Ocugen files $75M mixed securities shelf  17:41
03/27/20
03/27
17:41
03/27/20
17:41
OCGN

Ocugen

$0.30 /

-0.05 (-14.29%)

 
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Oshkosh awarded $173.79M Army contract » 17:41
03/27/20
03/27
17:41
03/27/20
17:41
OSK

Oshkosh

$57.97 /

-4.36 (-7.00%)

Oshkosh was awarded…

Oshkosh was awarded firm-fixed-price, fixed-price-incentive contract in the amount of $173.79M for heavy expanded mobility tactical trucks, palletized load system trucks and self-recovery winches on the family of heavy tactical vehicles. Bids were solicited via the internet with one received. Work locations and funding will be determined with each order, with an estimated completion date of October 31, 2022. U.S. Army Contracting Command is the contracting activity.

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Periodicals
Trump invokes Production Law in ordering GM to make ventilators, Bloomberg says » 17:40
03/27/20
03/27
17:40
03/27/20
17:40
GM

General Motors

$21.37 /

-1.17 (-5.19%)

Bloomberg's John…

Bloomberg's John Harney reports that President Trump has invoked a Defense Production Law in ordering General Motors to make ventilators. In a statement, Trump said he is "directing the Secretary of Health and Human Services to use any and all authority available under the Defense Production Act to require General Motors to accept, perform, and prioritize federal contracts for ventilators." Reference Link

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Raytheon, L3Harris Technologies each awarded up to $500M Air Force contracts » 17:38
03/27/20
03/27
17:38
03/27/20
17:38
RTN

Raytheon

$141.91 /

-13 (-8.39%)

, LHX

L3Harris Technologies

$185.15 /

-4.945 (-2.60%)

Raytheon (RTN) and…

Raytheon (RTN) and L3-Harris Technologies (LHX) have each been awarded a $500M ceiling, indefinite-delivery/indefinite-quantity contract with corresponding delivery orders valued at $37.64M for Raytheon and $30.6M for L3-Harris, to develop protected tactical waveform capable modems. This contract provides for research, development and production of protected tactical waveform capable modems for tactical satellite communication operations. Work is expected to be completed April 1, 2025. This award is the result of a competitive acquisition which included one solicitation and two offers received. FY20 research and development funds in the amount of $5.2M are being obligated to each at the time of award. Space and Missile Systems Center is the contracting activity.

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Steelcase to produce 6K isolation masks, 12.5K face shields per week » 17:36
03/27/20
03/27
17:36
03/27/20
17:36
SCS

Steelcase

$10.65 /

-0.54 (-4.83%)

Steelcase announced it…

Steelcase announced it has already started and continues to manufacture and deploy critical equipment supplies for healthcare providers on the frontlines of the battle against the COVID-19 global pandemic. Among the supplies Steelcase is producing are masks for use in clinical environments; facial shields for clinicians in direct contact with patients; and social screens, desktop and floor mounted, for screening and communicating with visitors at safe social distances. Steelcase is using its plants, model shop and innovation center to rapidly develop solutions that will be built to scale and distributed to medical facilities. The company is working in partnership with healthcare professionals to approve designs for prompt turnarounds. Steelcase is set to produce 6,000 isolation masks and 12,500 face shields per week, just in its Grand Rapids, Mich. facilities. The company is working hard to expand production to other geographies including Alabama, Mexico, Germany and through key partners.

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Syndicate
IMAC files $30M mixed securities shelf  17:34
03/27/20
03/27
17:34
03/27/20
17:34
IMAC

IMAC

$1.97 /

-0.19 (-8.80%)

 
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Lockheed Martin awarded $136.99M Navy contract » 17:33
03/27/20
03/27
17:33
03/27/20
17:33
LMT

Lockheed Martin

$348.48 /

-1.96 (-0.56%)

Lockheed Martin was…

Lockheed Martin was awarded a $136.99M cost plus incentive fee and cost plus fixed fee contract award for the U.S. and United Kingdom and provides strategic weapon system Trident fleet support, Trident II strategic systems programs, shipboard integration increment 8, SSI increment 16, Columbia Class and U.K. Dreadnought navigation subsystem development efforts. Work is expected to be complete by November 2022. FY20 other procurement contract funds in the amount of $94.17M; FY20 shipbuilding and conversion contract funds in the amount of $2.52M; FY20 research, development, test and evaluation contract funds in the amount of $750,000 and United Kingdom funds in the amount of $39.55M will be obligated at the time of award. No funds will expire at the end of the current fiscal year. This contract was a sole-source acquisition in accordance with 10 U.S. Code 2304 and. Strategic Systems Programs is the contracting activity.

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Raytheon awarded $147.9M Navy contract » 17:29
03/27/20
03/27
17:29
03/27/20
17:29
RTN

Raytheon

$141.91 /

-13 (-8.39%)

Raytheon was awarded a…

Raytheon was awarded a $147.9M fixed-price-incentive-firm-target, firm-fixed-price contract for the full rate production and delivery of 90 Lot 16 Block V Tactical Tomahawk, or TACTOM, all up round, or AUR, vertical launch system missiles and other hardware and related services for the Navy. Additionally, this contract procures TACTOM Block IV AUR recertification AGR-4 Spares. Work is expected to be completed in August 2022. FY20 weapons procurement funds in the amount of $147.9M will be obligated at time of award, none of which will expire at the end of the current fiscal year. This contract was not competitively procured pursuant to 10 U.S. Code 2304. The Naval Air Systems Command is the contracting activity.

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