The DroneShield share recorded a significant price decline on today’s trading day. The company released a notice to issue more than 31 million new shares.
• DroneShield announced the issuance of 31,161,833 new common shares
• Shares closed the trading day in Sydney with a sharp decline
• Analysts continue to see significant upside potential
Notice of share issue
DroneShield today issued a cleansing notice under Section 708A(5)(E) of the Corporations Act regarding the issuance of 31,161,833 fully paid ordinary shares.
The company said the shares were issued without disclosure to investors in accordance with Part 6D.2 of the Corporations Act. DroneShield further confirmed that it had complied with the provisions of Chapter 2M and Sections 674 and 674A of the Corporations Act. At the time of notification there was no excluded information within the meaning of the Act.
DroneShield specializes in AI-based counter-UAS and autonomous systems platforms and supplies, among others, the military, intelligence services, governments and operators of critical infrastructure.
This is how DroneShield shares react
The company’s shares ultimately lost 7.45 percent to close at A$3.85 at the close of trading on the Sydney Stock Exchange today. Despite the current price decline, analysts are optimistic: According to TipRanks, there are two ratings, both of which recommend a purchase (“Buy”).
The average analyst price target is A$5.20, which represents an upside potential of around 35.06 percent from today’s closing price. However, the ratings were made before the corporate action, so it remains to be seen how the analysts will react.
Editorial team finanzen.net
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