Shares of Electro Optic Systems plummeted by as much as 9.1% to A$1.00, marking their lowest level since July 26th.

The defense and space systems manufacturing company announced it would be stopping work on their proposed Australian satellite manufacturing hub.

According to the company, this decision came following a defense strategic review by the federal government, which resulted in derailment of the planned initial project known as National Space Mission for Earth Observation.

Despite this, the company’s stock has seen a significant rise, with an increase of 126.8% this year up until the last close.

Electro Optic Systems is a company specializing in the manufacture of defense and space systems.