Published: Aug 7, 2023 at 3:12pm ET
By Ben Glickman
Unusual Machines said it now plans to sell 1.5 million shares as part of its IPO, up from the 1 million shares previously announced.
The Puerto Rico-based company said in a regulatory filing Monday that it would sell 1.5 million shares for between $4 and $6, with gross proceeds expected at midpoint of $7.5 million. ..
By Ben Glickman
Unusual Machines said it now plans to sell 1.5 million shares as part of its IPO, up from the 1 million shares previously announced.
The Puerto Rico-based company said in a regulatory filing Monday that it would sell 1.5 million shares for $4 to $6, with gross proceeds of $7.5 million expected at the mid-point.
The company plans to use a portion of the funds raised to fund its announced acquisition of Red Cat Holdings’ consumer division last year. Unusual Machines agreed to pay $18 million in cash and securities to purchase recreational and hobbyist drones and first-person view goggles.
Unusual Machines expects to use $2 million of the proceeds to fund its transaction, with an additional $3.89 million for working capital and general corporate purposes.
Maxim Group LLC and Dominari Securities are subscribers to the offering.
Write to Ben Glickman at [email protected]
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