Draganfly descends on pricing stock offering

Draganfly

29/03/2023 14:02

(Updates with pricing details)
    ** U.S.-listed shares of Draganfly Inc  DRPO.O  down 21.7%
at $1.12 premarket as Canada-based drone co prices follow-on
    ** DPRO sells 8 mln shares at $1 to fund growth initiatives,
working capital, potential acquisitions, R&D
    ** DPRO's shares on Tues closed down 18.3% at $1.43 after co
late Mon reported Q4 rev decreased 20% yr/yr due to supply chain
challenges, and gross loss of $1.6 mln vs profit of $626k a yr
ago
    ** Co, which had $7.9 mln of cash as of Dec 31, has ~$50 mln
market cap, per Refinitiv
    ** YTD, shares up 91% through Tues close
    ** Aegis Capital sole bookrunner for equity offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))