Why Aerospace Company ParaZero's Stock Is Skyrocketing Friday

ParaZero Technologies Ltd. PRZO shares are trading higher after the company and its partner OVRL announced the first-ever authorization from Australia's Civil Aviation Safety Agency (CASA) for drones to operate over populated areas and near people when using ParaZero safety systems.

"ParaZero and OVRL make history overcoming the previous regulatory barriers, now enabling the first operational approval in Australia," the company said in a press release. OVRL is an Australian commercial drone operator and training organization.

With the use of ParaZero's advanced parachute safety technology, ParaZero's regional partner, OVRL, has landed a precedent-setting historic approval for complex operations. 

"We are honored that ParaZero's technology has been approved to enable a new global territory to conduct advanced drone operations with our SafeAir product line," commented Aaron Gliner, ParaZero's Director of Business Development and Regulation.

Last month, the company said it had received a second order for its custom drone safety system from one of the world's largest automotive manufacturers.

The company also launched the SafeAir M350 Pro and the SafeAir M30 Pro for DJI's New Enterprise Drones.

Price Action: PRZO shares are trading higher by 60.7% to $1.05 in the premarket on the last check Friday.