UAS Drone Corp. Announces Amendment to Warrant Agreement Including Increase in Exercise Price
June 25 2024 - 5:34AM
Business Wire
Extends Warrant Term, Increases Exercise
Price, and Implements Beneficial Ownership Limitation
UAS Drone Corp. (the “Company”) (OTCQB: USDR), a leader in
robotics technology and drone solutions, today announced
significant amendments to its warrant agreements with the holders
who participated in the private placement in May 2021 as part of
its ongoing efforts to enhance shareholder value and prepare for
future growth.
Key Amendments:
- Exercise Price Increase: The exercise price of the
warrants has been increased from $0.40 per share to $0.65 per
share, representing an increase of 62.5%.
- Warrant Term Extension: The exercise term of the
warrants has been extended to May 11, 2026.
- Beneficial Ownership Limitation: A new beneficial
ownership limitation has been introduced, restricting the holders
from exercising the warrants to the extent that it would result in
the holder owning more than 19.99% of the Company’s outstanding
common stock.
The Company believes that the amendment agreement underscores
its optimism about its strategic initiatives and their potential to
enhance shareholder value. The beneficial ownership limitation
would allow, if necessary, to reclassify certain holders of the
Company, as non-affiliates, allowing their holdings to be included
in the public float.
Yossef Balucka, Chief Executive Officer of the Company,
commented: "I believe that these amendments demonstrate our
commitment to aligning with our investors' interests and enhancing
the financial flexibility of our Company. We believe that the new
terms of the warrants will contribute to our long-term growth and
success. We believe that the increased exercise price is a vote of
confidence from our investors, indicating their belief in the
company's long-term growth potential."
About UAS Drone Corp.
UAS Drone Corp. (OTCQB: USDR) is a forward-thinking company
focused on bringing advanced stabilization and autonomous solutions
to both military and civilian sectors. Through its wholly owned
subsidiary, Duke Robotics, the company developed TIKAD, an advanced
robotic system designed to meet the growing demand for tech
solutions in modern warfare. The TIKAD system enables remote,
real-time, and accurate firing of lightweight firearms and weaponry
via an unmanned aerial platform (UAV), addressing the critical need
to engage hostile targets without risking military personnel.
For more information about UAS Drone Corp. and Duke Robotics,
please visit www.dukeroboticsys.com or view documents filed with
the Securities and Exchange Commission at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements. Words
such as "future" and similar expressions or future or conditional
verbs such as "will" are intended to identify such forward-looking
statements. Forward-looking statements are made pursuant to the
safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934 and are
based on our beliefs, assumptions, and information currently
available to us. For example, we are using forward-looking
statements when we discuss the belief that the increased exercise
price of the warrants is a vote of confidence from our investors,
indicating their belief in our long-term growth potential and that
it believes that the amendment agreement underscores its optimism
about its strategic initiatives and their potential to enhance
shareholder value. Our actual results may differ materially from
those expressed or implied due to known or unknown risks and
uncertainties. Accordingly, our actual results may differ
materially from those expressed or implied in such forward-looking
statements due to known or unknown risks and uncertainties that
exist in our operations and business environment including, but not
limited to: the successful integration of acquisitions; the
continued development of our products; the ability for Elbit to
terminate the Agreement, or cease funding certain the development
the TIKAD or the marketing, sales and production of the TIKAD, at
its discretion; significant fluctuations in foreign currency
exchange rates; and competition, including technological advances.
For additional information on these and other risks and
uncertainties, please see our filings with the Securities and
Exchange Commission, including the discussion under "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2023 and any subsequent filings
with the Securities and Exchange Commission. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240625140832/en/
Investor Contact: Yossef Balucka, CEO Email:
invest@dukeroboticsys.com