AgEagle Closes Merger, Lists On New York Stock Exchange

Posted by Margy Eckelkamp on Tue, 04/03/2018 - 14:26

Founded in 2015, AgEagle designs, develops, produces, distributes and supports technologically-advanced small UAVs that it supplies to the precision agriculture industry.

AgEagle Aerial Systems closed its merger transaction with EnerJex Resources, Inc, so that AgEagle becomes a wholly-owned subsidiary of EnerJex Resources, Inc. The company is based in Neodesha, Kansas.

EnerJex will be renamed AgEagle Aerial Systems and will begin trading on March 27 on NYSE under the ticker symbol UAVS. In addition, on March 26, 2018, the company closed a private placement of its shares of Series C Convertible Preferred Stock to institutional investors raising gross proceeds of $4,000,000.

AgEagle’s board of directors includes company founder and CEO Bret Chilcott, a representative from stakeholder Raven Industries, Tom Gardner, a data analytics expert, and Grant Begley, formerly the senior advisor to the Undersecretary of Defense for drones and corporate leader to Lockheed Martin and Raytheon for their respective drone initiatives.

“The completion of this merger and subsequent financing is a significant milestone for our company,” says Chilcott. “We can now aggressively execute on our vision of becoming a leading drone and data analytics company in PrecisionAg, while generating meaningful value for our shareholders. We plan to invest and grow the data analytics division of our business to provide farmers with actionable insights to help them generate healthier crops more efficiently.”