NEW YORK – Shares of Mace Security International Inc. (MACE) soared more than 75 percent on Tuesday after the maker of personal defense products said it had developed a new pepper gel to stop attacks.
The stock jumped $2.35 to $5.34, their highest level since July. More than 15 million shares traded, 3 times more than their average daily trading volume, according to Michael Palazzi, head of Nasdaq trading at SG Cowen.
The sticky gel uses compressed air to shoot as far as 25 feet from its canister, according to Mace, adding that the goo could be used for civilian, law enforcement and military use.
The stock surge reflected that of another less-lethal defensive weapon maker, Taser International Inc. (TASR), which makes stun guns for personal and military use.
Taser shares have risen more than 200 percent on speculation that police and military forces will start snapping up their electronic stun guns.
Taser shares were down $1.01, or 2.3 percent, at $42.27.