Astrotech Corp (NASDAQ:ASTC) shares rose Wednesday after the company disclosed that its subsidiary, 1st Detect, has received initial notice that its explosives trace detector, the TRACER 1000, has successfully passed the European Civil Aviation Conference (ECAC)’s test.
The TRACER 1000 is the first mass spectrometry-based ETD to have passed ECAC’s stringent laboratory testing protocol. It is expected that 1st Detect will receive formal certification at the CEP Management Group’s next meeting.
According to CEO Thomas Pickens "ECAC’s support throughout this process demonstrates their commitment to setting the global standard of security by adopting the most advanced explosives detection technology.
"We look forward to improving the safety of the world’s air transportation systems with our high-quality instruments for many years to come."
Late last week, the company held its Annual Meeting of Shareholders, at which those shareholders voted in favor of electing five directors to the Company’s Board of Directors;, ratification of the appointment of BDO USA, LLP as the Company’s Independent Registered Public Accounting Firm for fiscal year 2019.
The company also voted to approve amendments to the Astrotech Corporation 2011 Stock Incentive Plan authorizing an additional 537,197 shares and extending the plan an additional five years, to approve the conversion of Preferred Stock to Common Stock; and to approve a resolution regarding executive compensation.
Headquartered in Austin, Texas, Astrotech is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value.
ASTC shares leaped for the heavens $1.38, or 51.5%, to $4.06
