SoundThinking (NASDAQ:SSTI) slumped 18% amid media reports that Chicago will end its contract with the ShotSpotter gunshot detection system when its agreement ends.
Chicago Mayor Brandon Johnson announced on Tuesday that he won’t renew the city’s contract with ShotSpotter when it ends in September, according to media reports.
Johnson’s office issued a statement that said the city “will decommission the use of ShotSpotter technology on September 22,” the Chicago Sun-Times reported, citing a statement from the mayor.
Shares of SoundThinking (SSTI), which was formally called ShotSpotter, plunged 23% on April 5 when the Chigaco mayor said he may look to end the city’s contract with the gunfire detection company.