Draganfly raises $50M in share sale priced above market
What's the deal? DraganflyDealroom has a profile for this one. Try Dealroom → (NASDAQ:DPRO) has closed a registered direct offering, selling 7,150,000 common shares at $7.00 each for gross proceeds of roughly $50 million before fees. The price marked a premium to the stock's then-current level of $6.55.
What does Draganfly do? The Saskatoon-based company builds drone solutions, software, and robotics for uses including public safety, agriculture, industrial inspections, security, mapping, and surveying.
Where's the money going? Draganfly plans to use the net proceeds for general corporate purposes, including new products, growth initiatives, working capital, product development and marketing, potential acquisitions, and research and development.
Maxim GroupDealroom has a profile for this one. Try Dealroom → served as lead placement agent, with Raymond JamesDealroom has a profile for this one. Try Dealroom → and Ladenburg ThalmannDealroom has a profile for this one. Try Dealroom → as co-placement agents. Securities were sold in the US only, with no sales to Canadian purchasers.
Why now? The raise follows a US Air Force Special Operations Command contract for Draganfly to supply Flex FPV drones and training services alongside DelMar AerospaceDealroom has a profile for this one. Try Dealroom →. The company also recently named chief executive officer Cameron Chell as executive chairman, replacing Scott Larson, who stays on the board.
The signal: Selling shares above market price signals investor confidence and adds capital to an already liquid balance sheet — InvestingProDealroom has a profile for this one. Try Dealroom → data shows Draganfly holds more cash than debt with a current ratio of 11.8. For a drone maker chasing defence and commercial demand, the cash buys room to scale as the regulatory landscape for drone operations keeps shifting.
Read more: investing.com
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