Singapore markets open in 3 minutes
  • Straits Times Index

    +25.98 (+0.82%)
  • S&P 500

    -15.88 (-0.39%)
  • Dow

    +26.76 (+0.08%)
  • Nasdaq

    -142.21 (-1.20%)

    -922.68 (-2.97%)
  • CMC Crypto 200

    +432.50 (+178.22%)
  • FTSE 100

    +46.65 (+0.63%)
  • Gold

    +10.90 (+0.60%)
  • Crude Oil

    -0.15 (-0.13%)
  • 10-Yr Bond

    -0.0580 (-1.98%)
  • Nikkei

    +29.54 (+0.11%)
  • Hang Seng

    +51.44 (+0.26%)
  • FTSE Bursa Malaysia

    +5.61 (+0.36%)
  • Jakarta Composite Index

    -1.85 (-0.03%)
  • PSE Index

    +122.95 (+1.93%)

Draganfly Stock Rallies After Delayed Reaction to $9m Drone Deal

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

By Sam Boughedda — 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.

Related Articles

Draganfly Stock Rallies After Delayed Reaction to $9m Drone Deal

Walgreens to invest over $5.5 billion in health services push

US, Texas reach settlement with DuPont, PMNA over alleged environmental violations

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting