Quantum Cyber N.V. (QUCY) shares shot up nearly 32% on Tuesday after the company announced it's taking a big step toward becoming a full-fledged defense manufacturer. The company said it has expanded its partnership with BP United Inc., and will now directly manufacture its autonomous drone platform instead of just licensing the technology.
BP United will still provide technical and engineering support, and has also agreed to a two-year voting arrangement that backs proposals recommended by Quantum Cyber's board. The transition removes the company's reliance on third-party supply chains, shifting its business model from a technology licensing platform to a vertically integrated defense manufacturer.
“The amendment to our BP United agreement is a direct expression of our commitment to vertical integration,” Chief Executive Officer David Lazar said. “We are not building a licensing company. We are building a manufacturing platform.”
Investors clearly liked what they heard. The stock jumped 31.84% to $2.94 at the time of publication.
