Drone firm Unusual Machines descends on $150 mln stock deal

Drone components manufacturer Unusual Machines UMAC.A shares down 10% at $16.75 premarket after $150 mln follow-on offering prices

Orlando, Florida-headquartered firm sells ~8.8 mln shares at $17, an 8.6% discount to stock's last sale on Thurs

Co says participation in offering includes investment from autonomous drone and wireless tech provider Ondas ONDS.O

UMAC intends to use net offering proceeds to acquire additional inventory, and for working capital and general corporate purposes

Dominari Securities and Jones Trading are co-placement agents for offering

Co has ~39 mln shares outstanding for ~$725 mln market cap, per the prospectus

Through Thurs close, UMAC shares up 46% YTD

Last week, UMAC was among investors in a private placement in connection with plans to take drone tech firm Powerus public after reverse merger with Trump-sons-backed Aureus Greenway AGH.O

All 4 analysts covering UMAC rate the stock "buy"; median PT $23, per LSEG