Less than a 12 months after scoring a landmark U.S. Defense Department contract, Utah’s Teal Drones will change into the flagship portfolio firm of Red Cat Holdings in an all-stock acquisition deal introduced Tuesday.
Teal joins a quartet of independently working innovation corporations owned by publicly traded Red Cat, all doing work within the fast-advancing drone and drone-related know-how sector. No public valuations or deal values had been shared as a part of the announcement.
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Teal founder and CEO George Matus stated his firm, based in 2014, was contemplating a wide range of choices amid new ranges of curiosity generated by Teal’s choice as one among solely 5 drone producers accepted by the Defense Department to offer the remote-controlled autos to the armed providers and different federal businesses. Red Cat, he stated, brings simply the correct mix of expertise, expertise and funding alternatives to assist propel Teal to the following stage.
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Source: Art Raymond
Photo credit score: Press