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WICHITA, Kan. - AgEagle Aerial Systems Inc. (NYSE:UAVS), a drone systems provider with a market capitalization of $20.89 million, announced Monday that NYSE American has accepted the company’s plan to regain compliance with minimum stockholders’ equity requirements by October 23, 2026.
The drone systems provider received notice on July 8 that exchange officials approved the compliance plan submitted in May. AgEagle had previously been notified on April 23 that it failed to meet the exchange’s stockholders’ equity requirements.
The company’s stock will continue trading on NYSE American under the symbol "UAVS" but will carry a ".BC" designation to indicate its below-compliance status. As of December 31, 2024, AgEagle reported a stockholders’ deficit of $5.7 million and has recorded losses in its five most recent fiscal years.
The NYSE American requirements stipulate minimum stockholders’ equity ranging from $2 million to $6 million depending on a company’s loss history. If AgEagle fails to make progress consistent with its plan or does not achieve compliance by the deadline, the exchange may initiate delisting proceedings.
The notice does not affect AgEagle’s ongoing business operations or SEC reporting requirements, according to the company’s press release statement.
Founded in 2010, AgEagle describes itself as a provider of unmanned aerial systems, sensors and software solutions for customers in energy, construction, agriculture and government sectors. The stock has shown significant volatility, with a beta of 3.27 and a notable return of 39% in the past week.
In other recent news, AgEagle Aerial Systems has been active with several developments. The company has announced a change in its independent auditing firm, replacing WithumSmith+Brown with Grassi & Co. This switch comes after WithumSmith+Brown audited AgEagle’s financial statements for the fiscal years 2023 and 2024, with no significant disagreements reported. Additionally, AgEagle plans to demonstrate AI-enabled autonomous drone operations through a partnership with an Israeli defense technology firm, showcasing the capabilities of its eBee VISION drones in a simulated border-crossing scenario.
In another development, AgEagle has expanded its presence in South Korea by selling two more eBee X drones, surpassing 100 units in the country. This milestone strengthens AgEagle’s position in the Asia-Pacific drone market, which is projected to grow significantly. The company’s CEO, Bill Irby, highlighted the growing global demand for their aerial solutions. Furthermore, AgEagle’s stock recently rose following the Pentagon’s directive to fast-track drone production, which has positively impacted drone-related stocks. These recent activities underline AgEagle’s strategic initiatives in both technological advancements and market expansion.
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