ParaZero Technologies Shares Are Soaring: What's Taking The Stock Higher?

ParaZero Technologies Ltd PRZO shares more than doubled on Monday after the company announced an Australian regulator approved the first commercial drone flights in populated areas and near people using ParaZero safety systems.

What To Know: Australian commercial drone operator ORVL has gained approval to commence complex operations using ParaZero's advanced parachute safety technology, paving the way for other Australian organizations to gain similar approvals. 

"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," said Aaron Gliner, ParaZero's director of business development and regulation.

"We extend our gratitude to the Civil Aviation Safety Agency and our regional partners, OVRL, for their collaborative efforts over the course of several years of rigorous safety case work and analysis."

ParaZero aims to enhance drone industry safety, reduce operational risks and enable advanced applications through the deployment of autonomous parachute safety systems for commercial drones.

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PRZO Price Action: ParaZero shares were up 102.6% at $2.37 at the time of publication, according to Benzinga Pro.

Photo: courtesy of ParaZero.