Shares of drone solutions and systems developer Draganfly Inc DPRO are falling in early trading Wednesday after the company announced a proposed underwritten public offering to secure growth capital.
What Happened: Draganfly announced an offering of 8 million common shares at a price of $1 per share. The company anticipates gross proceeds of $8 million. The offering is expected to close on March 31.
Draganfly said it expects to use the proceeds for general corporate purposes, including funding its capabilities to meet demand for its new products and for the continued development and marketing of its core products, as well as for potential acquisitions and research and development.
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DPRO Price Action: Draganfly has a 52-week high of $2.51 and a 52-week low of 51 cents, according to Benzinga Pro.
Draganfly shares were down 9.79% at $1.29 at the time of writing.
Photo: Pexels from Pixabay.
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