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By Sam Boughedda
Investing.com — Draganfly (NASDAQ:DPRO) shares rose in the last hour as investors reacted to the news it has signed a minimum $9 million manufacturing agreement with Digital Dream Labs.
Shares jumped to $3.68 and are currently at $3.48, gaining 10.48% on the day.
The agreement is for drone solutions and systems developer Draganfly to design and develop an AI consumer companion robot drone for Digital Dream Labs, which is an educational tech and entertainment company.
Draganfly will be the exclusive manufacturer of the Drone, with Digital Dream Labs ordering at least 50,000 units per year with deliveries beginning in 2022.
“Our team of robotics, AI and aviation experts are looking forward to helping DDL cement their market leading position by developing the ultimate drone companion,” said Cameron Chell, CEO of Draganfly.
The companies have entered into a binding letter agreement but warned there is no assurance of a definitive agreement.
While investors are reacting to the news today, the announcement was initially made on October 12. That day the company's shares closed at $3.11, up 6.87%.
Before the open on Thursday, Draganfly announced a multi-year partnership with the Drone Racing League. The companies will launch an innovation hub named DR labs to research and develop drone technology.