AgEagle heading to stock market this week
AgEagle Aerial Systems is set to list on the NASDAQ stock exchange this week Thursday, 21 July. The Neodesha, Kansas-based company is planning to raise around $15 million in its Initial Public Offering (IPO) by offering 2.7 million shares at between $5 and $6 per share and will list under the stock symbol NASDAQ:UAVS.
In 2015, according to the company’s financials filed with the US Securities and Exchange Commission (SEC), AgEagle showed an annual net loss of $1.4 million on revenues of $774,000 after showing a profit of $200,000 on higher revenues of $885,000 the year before.
AgEagle designs and manufactures data-acquisition drones for precision agriculture and according to AgEagle’s website,
“AgEagle was a cooperative effort between founder Bret Chilcott and Kansas State University. In 2011, K-State was working to merge small radio controlled airplanes and near infrared photo image technology to determine crop health. Bret and the professors soon realized that farmers would benefit from this effort and AgEagle was created to serve that market.
By 2012, Bret completed the first prototype of AgEagle and took the prototype throughout the corn belt meeting with farmers and agronomists to see if they thought the AgEagle could help them. Interest was extremely high and by the fall of 2013, the first AgEagle drone was sold. Since that time, the AgEagle company has continually grown with dealers now across the United States. Scores of AgEagles have been sold in the US, Australia, Canada and Brazil.”
Below the videos you will find some earlier sUAS News coverage of the company.
https://www.youtube.com/watch?v=3Y5-wZvq3Mw
https://www.youtube.com/watch?v=wgI1UZmeSrA
