Hm crazy CR should have made SPP bigger etc thanks
https://www.copyright link/street-talk/droneshield-seeks-75-million-from-investors-hires-two-brokers-20240417-p5fkmzSkip to navigationSkip to contentSkip to footerHelp using this website - Accessibility statementStreet TalkDefence software biz DroneShield seeks $75 million, hires two brokers
Apr 18, 2024 – 7.45amDroneShield, the company that wows everyone with its tech gear that zaps drones out of the sky, is expected to launch a $75 million equity raising on Thursday.
Shaw and Partners and Bell Potter Securities are overseeing the deal. The transaction is structured as a single tranche placement of $70 million and a share purchase plan of $5 million.
DroneShield boss Oleg Vornik with one of DroneShield’s handheld products. Oscar Colman
The issue price of 80¢ represents a 19 per cent discount to the five-day volume-weighted average price of 99¢ and a 28 per cent discount to the last close of $1.12. It is understood the placement was upsized from $50 million following strong investor demand.
Raising proceeds will be used to meet customer demands for accelerated delivery of its counter drone systems, investor sources said.
The mooted cash call comes less than 24 hours after the defence software company said the NATO Support and Procurement Agency had approved the first counter-small UAS (CUAS) procurement framework agreement in NATO history.
DroneShield stock responded by rising as much as 17.5 per cent on Wednesday to an all-time high of $1.11. That followed a 200 per cent increase in the share price since January.
Sources close to the deal told Street Talk the use of drones in areas of conflict was making counter drone technology indispensable. DroneShield has a $500 million sales pipeline and some 90 qualified projects with government customers – including the Australian Department of Defence and US State Department, the sources said.
DroneShield made $9.3 million in profit-after-tax in 2023.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@copyright linkKanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@copyright link.auEmma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@copyright linkMORE ON DRONESHIELD LIMITED
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Oleg Vornik fled Russia as a teen when his homeland took an authoritarian turn. Now he is helping Ukraine defend itself against Putin’s army.
- Updated Aug 25, 2023
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DroneShield CEO Oleg Vornik says capital markets should back the local defence industry amid rising geopolitical tensions, and warns World War III could come in our lifetimes.
- Aug 9, 2023
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Hm crazy CR should have made SPP bigger etc...
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