Unusual Machines (UMAC) said Wednesday it has raised $40 million in a public stock offering selling 8 million common shares at $5 apiece.
The offering was marketed confidentially and closed on May 7, the company said.
CEO Allan Evans, the board of directors, and advisory board members also bought shares under the same terms as other investors, it added.
The company plans to use the funds to buy an estimated $2 million in drone motor equipment and cover general corporate needs and working capital, according to the company.
Price: 4.97, Change: -0.06, Percent Change: -1.13
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.