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TEL AVIV - ParaZero Technologies Ltd. (NASDAQ:PRZO), an Israeli aerospace company specializing in safety systems for unmanned aerial systems, announced today the signing of a Letter of Intent (LOI) to acquire Lulav Space Ltd., a developer of advanced space and counter-drone technologies. According to InvestingPro data, ParaZero, currently valued at $14.2 million, has demonstrated strong revenue growth of 50% over the last twelve months, despite challenging market conditions. The proposed transaction, subject to due diligence and definitive agreements, is expected to close in the second quarter of 2025.
Lulav Space, established in 2021, has developed expertise in vision-based precision navigation systems, particularly for space robotics missions. Their technology was chosen for the Beresheet 2 lunar mission landers, showcasing their capabilities in guidance, navigation, and control systems for autonomous operations in challenging environments.
The acquisition plans include Lulav’s counter-drone systems and GPS-independent autonomous navigation kits, which are crucial for operations in GPS-denied areas. The financial terms of the deal propose a combination of cash and equity.
CEO of ParaZero, Boaz Shetzer, expressed that the acquisition is in line with the company’s vision to enhance its offerings in the counter-unmanned aerial systems (CUAS) field. Shetzer stated, "Lulav’s proven expertise in autonomous solutions, precision navigation, deep-space sensing and counter drone applications would add powerful capabilities to our portfolio as we continue expand into the defense market."
This move by ParaZero is seen as a strategic expansion into new commercial markets, potentially providing additional value and growth opportunities. ParaZero has been at the forefront of designing autonomous parachute safety systems for both civilian and military applications since its inception in 2014.
The information for this article is based on a press release statement. The forward-looking statements included in the press release are subject to various risks and uncertainties that could cause actual results to differ from those projected. ParaZero has not updated these forward-looking statements beyond their initial publication.
In other recent news, ParaZero Technologies Ltd. has reported several key developments. The company announced its achievement of regulatory compliance with the European Union Aviation Safety Agency for its SafeAir systems, meeting CE Class C5 standards, which is essential for drone operations in urban areas. Additionally, ParaZero has secured its first order from a strategic partnership with ABOT, a French drone distributor, highlighting the demand for its SafeAir parachute recovery systems in France.
Furthermore, ParaZero is advancing to Phase II with its DropAir Precision Airdrop System in collaboration with the Israeli Ministry of Defense, following successful Phase I trials. The company has also raised approximately $3.1 million through a direct offering of ordinary shares and pre-funded warrants, with Aegis Capital Corp. acting as the exclusive placement agent. In corporate governance news, ParaZero has called a Special General Meeting of Shareholders to vote on undisclosed proposals and announced an update on its board composition, choosing to exempt itself from having two External Directors as required by Israeli law.
These developments underscore ParaZero’s ongoing efforts to expand its market presence and enhance its product offerings in the aerospace and defense sectors.
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