PMGC Holdings unit secures drone tech option, shares fall

Shares of defense technology firm PMGC Holdings ELAB.O fall 11.1% to $5.08 premarket

Co says its NorthStrive Defense Tech unit secured an exclusive option to license a U.S. patent for a drone system operating across air and water

Says the technology uses buoyancy to transport payloads and could be used in coastal and river areas for military logistics, remote resupply and sensor deployment

Adds it may develop and commercialize products based on the patent if it exercises the option

Cautions there is no guarantee a final licensing deal will be reached or the technology successfully developed

Shares down about ~84% YTD as of last close