Unusual Machines Inc. (UMAC) has released an update.
Unusual Machines, Inc. has completed the acquisition of Fat Shark Holdings Ltd and Rotor Riot LLC for $20 million, combining cash, promissory notes, and a significant share issuance, making Red Cat Holdings a major shareholder with 48.66% ownership. The deal, closed alongside Unusual Machines’ IPO, includes a 180-day lock-up period for Red Cat’s shares and deferred working capital adjustments. Future disputes over these calculations will be settled by an independent accounting firm. Additionally, the company entered non-compete agreements, restricting its drone sales to certain government customers, with revenue-sharing stipulations for referrals.
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