Trump Jr.-backed Unusual Machines, US asset manager invest $10 million in Canada's Draganfly
DPRO•Unusual Machines and an unnamed US asset management company will invest $10 million in Canadian drone firm Draganfly, with each contributing $5 million. Draganfly said it will use the proceeds to develop strategic capabilities and fund working capital.
1. Investment details
Draganfly said the investment is based on its September 25 closing price of $5.35 and is expected to close around September 30. The company plans to use the proceeds to accelerate development of advanced strategic capabilities and for general working capital needs.
2. Companies and context
Unusual Machines, which has Donald Trump Jr. on its advisory board, makes drone motors and other control components. Draganfly develops unmanned aircraft systems and related software for defense, public safety, agriculture and industrial inspection; it has supplied drones to Ukraine.
3. Recent share performance
Draganfly's New York-listed shares rose 3.4% in pre-market trading. Through Friday's close, its shares had fallen about 23% this year, while Unusual Machines shares had gained about 89%.
