UAS Drone conducts its $4.5 million IPO of stock through Fundable.com

Company to sell 3 million shares at $1.50 each on a best-efforts basis

By Devika Patel

Knoxville, Tenn., Oct. 6 – UAS Drone Corp. said it will sell its common stock through the Fundable.com equity crowdfunding platform for the company’s initial public offering. The $4.5 million deal was announced on Aug. 25.

As previously reported, the company plans to offer 3 million shares at a maximum offering price of $1.50 per share on a best-efforts basis.

In addition, two selling stockholders may offer 1.1 million common shares for $1.65 million in a secondary offering. The company will not receive any proceeds from the secondary offering.

Proceeds from the initial public offering will be used for general working capital.

The company intends to list its common stock on the OTCQB.

UAS develops unmanned aerial systems for the commercial aviation sector. The company is based in Palm Beach, Fla.

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