Plurilock Security Inc (PLUR.V) is a Canadian identity-centric AI cybersecurity solutions company. The cybersecurity company provides multi-factor authentication (MFA) solutions using behavioral-biometric, environmental, and contextual technologies.
Today, Plurilock announced it has signed a US $2.2 million contract with the US Department of Defense for a period of one year.
The Department of Defense has previously signed multiple contracts with Plurilock and is just one of the existing customers within the government vertical in North America. Plurilock intends to continue strengthening the relationship with the Department of Defense as well as other existing customers within the public sector.
This news comes after Plurilock announced a US$393,000 contract for a project to provide cybersecurity solutions to a California state critical infrastructure agency for a period of 1 year.
At time of writing, the stock is up over 3.8% on today’s news. Plurilock sits at a market cap of just above $13 million.
After bouncing at the major support zone at $0.125, Plurilock gained strength and momentum backed on the news that the Company is announcing a strategic focus on addressing the growing AI cybersecurity threats on July 18th 2023. Further momentum followed with a major 15% green day on July 19th 2023.
The stock saw a technical pattern breakout confirmed with a close above a downtrend line on July 20th 2023, the day when Plurilock announced its new SaaS product, PromptGuard. The stock recently hit highs just above $0.16 before selling off.
Currently, the stock is in a corrective pullback phase and is finding buyers at support. Plurilock stock tested the broken trendline and has closed below it. The buyers did not step in to validate this breakout technical pattern. The stock is now ranging at support at the $0.135 zone. Note how the daily candle wicks rejected the downtrend line between July 27th-August 3rd, highlighting the importance of this line. A close back above this trendline is what bulls want to see.
