NEODESHA, Kan., May 12, 2020 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE:UAVS), an industry leading provider of unmanned aerial vehicles and advanced aerial imagery, data collection and analytics solutions, 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 2.4 million shares of AgEagle’s common stock and an additional 3,257,424 prefunded warrants to purchase shares of common stock at a purchase price of $1.06 per share.
The Company expects the net proceeds from the offering to be approximately $5.91 million after deducting approximately $85,000 in offering expenses. Net proceeds from the sale will be used to repurchase 262 shares of the Company’s Series E Preferred Stock convertible into 1,046,699 shares of common stock currently held by the Investor at a repurchase price of $1.06 per share. The Company expects to spend the balance of the proceeds for general working capital purposes. The offering is expected to close on or about May 14, 2019, subject to the satisfaction of customary closing conditions.