Why Are Draganfly Shares Moving Lower Wednesday?

Shares of drone solutions and systems developer Draganfly Inc DPRO are falling in early trading Wednesday after the company announced a proposed underwritten public offering to secure growth capital.

What Happened: Draganfly announced an offering of 8 million common shares at a price of $1 per share. The company anticipates gross proceeds of $8 million. The offering is expected to close on March 31.

Draganfly said it expects to use the proceeds for general corporate purposes, including funding its capabilities to meet ‎demand for its new products and for the continued ‎development and marketing of its core products, as well as for potential ‎acquisitions and research ‎and development‎.

See Also: What's Going On With Enovix Stock Today?

DPRO Price Action: Draganfly has a 52-week high of $2.51 and a 52-week low of 51 cents, according to Benzinga Pro.

Draganfly shares were down 9.79% at $1.29 at the time of writing.

Photo: Pexels from Pixabay.

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