- ParaZero (PRZ) has issued a prospectus to shareholders as it gets ready to change its name and focus
- The drone safety solutions company is planning to merge with Delta Drone South Africa and change its name to Delta Drone International
- Ahead of this change, the business is seeking to raise $5 million in additional capital via the issue of up to 125,000,000 shares at four cents each
- Once the merger is complete, Delta Drone International will look to re-list on the ASX under the ticker code of DLT
- Once it has relisted on the ASX, the company is expected to have a market capitalisation of around $20 million
- Shares in ParaZero last traded for 3.6 cents each
ParaZero (PRZ) has issued a prospectus to investors as it gets ready to change its name and focus.
The drone safety solutions company is planning to merge with Delta Drone South Africa and change its name to Delta Drone International.
The new merged business will continue to focus on operating a drone services company, but with broader, more international capabilities.
Ahead of this planned change, the company is seeking to raise $5 million in additional capital.
It’s seeking to raise the extra funds via the issue of up to 125,000,000 shares, with each share priced at four cents each.
Then once the merger is complete, Delta Drone International will look to re-list on the ASX under the ticker code of DLT.
If all goes to plan, the new company will have an estimated market capitalisation of around $20 million.
In the meantime, the money raised will help pay the fees and expenses associated with re-listing on the ASX.
It’ll also help expand its operations in Australia and South Africa and become general working capital for the new business.
The $5 million offer is set to close on December 4, while the quotation of the new shares on the ASX is expected to occur around December 22.
Shares in ParaZero last traded for 3.6 cents each back in early February this year.