Technology Sector Update for 07/20/2020: DPW,SPWR,WYY,BOXL,TSLA,HMC,TM

Technology stocks continued to add to their Monday advance, with the SPDR Technology Select Sector ETF ahead over 2.6% in late trade while the Philadelphia Semiconductor Index was rising 1.9%.

In company news, DPW Holdings (DPW) sped to a more than 43% gain on Monday after the power-electronics company introduced its new product line that can recharge a 150-mile range battery for an electric vehicle in slightly over 30 minutes. DPW also produces three types of connector standards used by several carmakers, including Tesla (TSLA), Honda (HMC) and Toyota (TM).

SunPower (SPWR) climbed 8% after the solar-energy company said its Maxeon Solar Technologies priced a $200 million offering of 6.5% green convertible senior notes due 2025 and also secured $125 million in working capital loans from a syndicate of lenders. The company expects to pocket around $151.7 million in net proceeds from the notes sale after funding a $40 million forward stock purchase deal and other offering costs.

WidePoint (WYY) rose 1% after the cyber-security firm Monday said it has received a $1.2 million contract to provide telecommunications expense management services for the Virginia Alcoholic Beverage Control Authority. The contract has an initial one-year term with up to four one-year renewal periods, the company said.

Boxlight (BOXL) slid 21% after the company filed a mixed shelf registration statement for the sale of up to $150 million of its common or preferred stock, warrants to buy additional share and debt securities from time to time. Net proceeds would fund general corporate activities and working capital, the educational technology company said.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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