By Connor Hart
Shares of Unusual Machines tumbled after the company disclosed a $40 million confidentially market public offering.
The stock sank 26%, to $5.13, in midday trading Monday. Shares have more than quadrupled in the past 52 weeks, though they have lost more than two-thirds of their value since the start of the year.
The Orlando, Fla., company, which manufactures and distributes drone parts, said it plans to sell 8 million shares of its common stock for $5 each in the offering.
Proceeds from the sale will be used to accelerate the completion of its drone-motor facility in central Florida, as well as for general corporate purposes and working capital, the company said.
Dominari Securities is acting as the exclusive placement agent for the offering, which is expected to close on or about Tuesday, subject to customary closing conditions.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 05, 2025 12:55 ET (16:55 GMT)
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