AgEagle Aerial Systems, a designer and developer of small unmanned aerial vehicles for agricultural applications, announced terms for its IPO on Thursday.
The Neodesha, KS-based company plans to raise $10 million by offering 1.8 million shares at a price range of $5 to $6. At the midpoint of the proposed range, AgEagle Aerial Systems would command a fully diluted market value of $34 million.
AgEagle does not meet our post-IPO market cap cutoff of $50 million, and will not be tracked or included in our IPO stats.
AgEagle Aerial Systems was founded in 2010 and booked $1 million in sales for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol UAVS. Northland Securities is the sole bookrunner on the deal. IPO timing was not disclosed.
