BUZZ-AEVEX shares rise after the company denied reports that the US Navy had suspended defense orders.

October 22 - ** AEVEX (AVEX.N) shares rose 6.40% in pre-market trading, quoted at $10.30

** Earlier, Bloomberg reported that the US Navy had suspended new GARC orders due to performance issues. As a result, shares of this defense company plunged more than 32% in Wednesday trading, hitting the lowest level since its IPO in April

** GARC stands for "Global Autonomous Reconnaissance Craft," an unmanned reconnaissance vessel developed by AVEX and currently used by the US Navy

** AVEX denied reports of the Navy suspending GARC orders, stating that the Navy continues to operate its fleet under existing contracts and is funding upgrades

** The company said deliveries in 2025 will be fulfilled according to contractual obligations, while changes to the 2026 contract have increased its value to $350 million

** AVEX stated that recent reports will not impact its maritime systems division or financial performance

** As of the previous trading day's close, AVEX shares had fallen 51.6% from the IPO price of $20

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