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Draganfly Stock Rallies After Delayed Reaction to $9m Drone Deal By Investing.com


© Reuters.

Sam Boughedda

Investing.com — Draganfly (NASDAQ:) shares rose in the last hour as investors reacted to the news it has signed a minimum $9 million manufacturing agreement with Digital Dream Labs.

Stocks rose to $3.68 from $3.48 and are now at $3.48. That’s an 11.48% increase in shares. 

Draganfly, a drone solution and system developer, has been contracted to develop and produce an AI companion robot drone drone for Digital Dream Labs. This is an entertainment and educational technology company. 

Draganfly, the sole manufacturer of drones, will order at least 50k units annually from Digital Dream Labs. Deliveries are expected to begin in 2022.

“Our team of robotics, AI and aviation experts are looking forward to helping DDL cement their market leading position by developing the ultimate drone companion,” said Cameron Chell, CEO of Draganfly.

Although the companies reached a binding agreement by letter, they warned that there was no guarantee of an agreement final. 

Although investors react to today’s news, it was originally announced on October 12. The announcement was made on October 12.Shares of the company were closed at $3.11, an increase of 6.87%. 

Draganfly and the Drone Racing League had announced their multi-year partnership prior to the Thursday open. They will create a new innovation hub called DR labs that will research and develop drone technology. 

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.