2023-03-14 15:09:55 ET
- Unusual Machines, which is entering the drone industry through some planned acquisitions, filed for an initial public offering.
- The company plans to use a significant amount of the proceeds from the offering to acquire Fat Shark and Rotor Riot units from Red Cat Holdings ( RCAT ), according to an S-1 filing.
- Unusual Machines plans to list its shares on the Nasdaq under the symbol "UMAC."
- In November Red Cat ( RCAT ) announced it reached an agreement to sell its consumer division, consisting of Rotor Riot and Fat Shark businesses, to Unusual Machines for $18 million.
- Droneify Holdings ( DRFY ) last month filed to raise $6 million in an IPO of its ordinary shares, according to an F-1 registration statement.
For further details see:
Unusual Machines files for initial public offering