AgEagle will price IPO of 2.73 million shares between $5.00 and $6.00

Bookrunners Northland Capital Markets, Roth Capital Partners assist

By Devika Patel

Knoxville, Tenn., June 10 – AgEagle Aerial Systems, Inc. will sell 2.73 million common shares in its initial public offering, according to an S-1/A filed Friday with the Securities and Exchange Commission. The deal was announced May 19, and the company has registered up to $18,837,000 of stock for the sale.

The deal has a 30-day greenshoe of 409,500 additional shares, with 50,000 shares in the greenshoe sold by a selling shareholder on a secondary basis.

The shares will be sold at a price expected to fall between $5.00 and $6.00 per share.

Northland Securities, Inc. and Roth Capital Partners, LLC are the bookrunners.

Proceeds will be used for business expansion, research and development, working capital, general and administrative expenses and other general corporate purposes.

The Neodesha, Kan., company designs, develops, produces, distributes and supports small unmanned aerial vehicles. It expects its shares will trade on the Nasdaq under the symbol “UAVS.”

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