Quicklogic shares surge 14.38% intraday as contract with US DoD expands to GlobalFoundries' 12LP process, raising value to $88M.

Quicklogic surged 14.38% intraday as the company announced the expansion of its U.S. Department of Defense radiation-hardened FPGA contract to GlobalFoundries' 12LP process, with the contract's maximum value increased to $88 million and the completion of test chip design. The company is a leading developer of embedded FPGA hard IP and endpoint AI/ML solutions for defense and space systems.