Precision-Ag drone maker lists on NYSE with UAV ticker symbol
AgEagle won’t just be in Kansas anymore. The precision-agriculture drone and unmanned systems developer founded in Neodesha, Kansas, will soon be listed on the New York Stock Exchange under the ticker symbol UAVS. Through a merger with Kansas-based EnerJex, an exploration and production company previously focused on developing oil and gas assets in the region, Ag Eagle Aerial Systems Inc. will be formed.
“The completion of this merger and subsequent financing is a significant milestone for our company,” said Bret Chilicott, founder and CEO of AgEagle. “We can now aggressively execute on our vision of becoming a leading drone and data analytics company in precision ag, while generating meaningful value for our shareholder,” adding that, “we plan to invest and grow the data analytics division of our business to provide farmers with actionable insights to help them generate healthier crops more efficiently.”
After first partnering with AgEagle last year, the team at EnerJex couldn’t pass-up the opportunity
“With 2.1 million farms on 235 million acres of land in the U.S., we believe the precision agriculture sector of the unmanned aerial vehicle market presents robust opportunities for our products,” Chilicott said. “Now that Amazon and WalMart are heavily investing in the grocery and food services industry we believe an Amazon effect is in store for the agriculture industry, which will require a systematic overhaul of the current processes and a rapid adoption in technology on the farm to increase crop yield and reduce expenses.”
Raven Industries, a manufacturing company, will take a place on the new AgEagle Board of Directors, along with a data analytics expert and a former senior advisor to the Undersecretary of Defense for drones and corporate leader to Lockheed Martin and Raytheon.
AgEagle provides UAVs, launchers, cameras, sensors, software and analytics to provide farmers with a field prescription map.