Shares of unmanned aerial vehicles (UAV) maker Draganfly (NASDAQ:DPRO) are tanking today after the company proposed an underwritten public offering.
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DPRO plans to offer the securities to fund its ability to satiate demand as well as for working capital requirements. Further, potential usage of the net proceeds also includes growth initiatives, potential acquisitions, and R&D activities.
The size or terms of the offer remained undisclosed. DPRO has roped in Aegis Capital as the book-running manager for the offer.
DPRO stock is down big for the second day in a row.
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