Yesterday Comtech Telecommunications (NASDAQ:CMTL) announced that they have been advised by the U.S. Army Contracting Command-CECOM Contracting Center that it was not selected as the program manager and vendor for the Force XXI Battle Command Brigade and Below, Blue Force Tracking 2 program.
The Contracting Center also advised Comtech that an award was made to a third-party vendor based on a total evaluated price of $249.9 million which is approximately 50% lower than the total evaluated price of Comtech's BFT-2 proposal.
Yesterday shares of Comtech closed down about 32%. CPI International (NYSE:CPII) which is being acquired by Comtech, closed down about 12.3% yesterday.
Today, Comtech shares continue to slide and the stock set a new 52 week low of $20.60.
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