New Zealand's Rakon up on satellite subsystem supply contract

** Shares of Rakon Ltd RAK rise 16.3% to NZ$1.0, set for best day since Dec. 11, 2023, if gains hold

** Frequency control products maker says it won a contract to supply its space subsystems for a new Low Earth Orbit satellite constellation

** Says, contract is by a communications satellites firm, and worth up to NZ$17 million ($10.30 million)

** Adds, contract will provide over NZ$3 million of revenue for Rakon in FY25

** Stock down 30% YTD, as of last close

($1 = 1.6513 New Zealand dollars)