Spectra Systems Corporation (AIM:SPSY, OTC:SCTQ) said it has received an initial downpayment of US$9.4 million from its main customer for the manufacturing of advanced high-speed banknote sensors.
This down payment is part of the total contract value of US$39.6 million announced on 16 July 2024, said the statement.
Nabil Lawandy, Spectra’s chief executive, added: "We are keen to accelerate our manufacturing program with this infusion of cash to support our customer's requirements.
“Furthermore, this infusion of cash will significantly replenish our cash position following both the acquisition of Cartor Security Printers in December of 2023 as well as advance purchases of components for our customer's sensor order."