10:36 AM EDT, 07/02/2024 (MT Newswires) -- AeroVironment ( AVAV ) said Tuesday that the US Department of State has approved a possible foreign military sale of the company's Switchblade 300 loitering munition systems to Taiwan for an estimated $60.2 million.

The US Army has used these systems for over a decade. The systems provide real-time video, global positioning system coordinates, a choice of warheads, and wave-off capabilities, the company said.

The proposed sale is aimed at providing support for Taiwanese national security, the company added.

Shares of AeroVironment ( AVAV ) were about 1.6% down in recent trading activity.

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