AgEagle Aerial Systems Inc. (NYSE American: UAVS), an industry leading provider of unmanned aerial vehicles and advanced aerial imagery, data collection and analytics technologies, today announced it has entered into a securities purchase agreement with an institutional investment firm (the “Investor”), which is an existing AgEagle shareholder. Pursuant to the agreement, the Investor is purchasing pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 1,057,214 shares of common stock, for gross proceeds of $6.375 million (which includes a subsequent payment of the exercise price of the Pre-Funded Warrants in the amount of $1,057.21).
The Company expects the net proceeds from the offering to be approximately $6.315 million after deducting approximately $60,000 in offering expenses. The Company expects to spend the balance of the proceeds for general working capital purposes. The offering is expected to close on or about January 4, 2021, subject to the satisfaction of customary closing conditions.
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