![]() ![]() The offering is expected to close on or about June 29, 2022, subject to the satisfaction of customary closing conditions.Ĭommenting on the financing, Nicole Fernandez-McGovern, CFO of AgEagle, noted, “We are very pleased to be proceeding with this offering, which, upon closing, will further strengthen the Company’s liquidity position.” ![]() The Company expects to spend the balance of the proceeds for general working capital and capital expenditure purposes. The Company expects the net proceeds from the offering to be approximately $9.92 million after deducting approximately $80,000 in offering expenses. That option will be available for a period of 18 months after shareholder approval at a purchase price equal to the average Volume Weighted Average Pricings ("VWAPs") for three trading days prior to the date the Investor gives notice to the Company that it will exercise the option. The Investor has the right, subject to certain conditions, including shareholder approval, to purchase up to $25,000,000 of additional shares of Series F Convertible Preferred and warrants. A certificate of designation setting forth the terms, dividends, rights and other privileges of the Series F Convertible Preferred will be filed with the Secretary of State of the State of Nevada. Upon exercise of the Warrants in full by the Investor, the Company would receive additional gross proceeds of approximately $10 million. ![]() The Warrants are not exercisable for the first six months after issuance and have a three-year term from the exercise date. The Series F Convertible Preferred will be convertible into 16,129,032 shares of the Company’s common stock at a conversion price of $0.62 per share. Pursuant to the agreement, the Investor will purchase 10,000 shares of Series F 5% Convertible Preferred Stock (the “Series F Convertible Preferred”) and warrants to purchase up to 10,416,667 shares of common stock at an exercise price of $0.96 per share (the “Warrants”), for gross proceeds of approximately $10 million. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading provider of full-stack drone, sensor and software solutions for commercial and government/defense use, today announced that, it has entered into a securities purchase agreement with an institutional investment firm (the “Investor”), which is an existing AgEagle shareholder. WICHITA, Kan., J(GLOBE NEWSWIRE) - AgEagle Aerial Systems Inc. ![]()
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