subslover
3 months ago
ParaZero Achieved Positive Results from Mutual Project with Fortune 500 Automotive Manufacturer
ParaZero is furthering its collaboration with the same esteemed customer, having recently secured an additional order
Tel Aviv, Israel, Jan. 29, 2024 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "Company “ParaZero”), an aerospace company focused on drone safety systems for commercial drones and urban air mobility aircraft, announced recently the successful completion of a significant drone safety project with a leading Fortune 500 automotive manufacturer (“the Customer”) for their proprietary drone program. As announced on December 20, 2023, and in line with the project agreement, ParaZero has received full payment for the development of a first-of-its-kind custom variant of their innovative SafeAir™ drone safety system.
This project involved the development and testing of a custom ParaZero SafeAir™ system designed and engineered to meet extremely demanding flight conditions and specifications to accommodate the Fortune 500 automotive manufacturer's proprietary aircraft program. This project was initiated from the design stage, ensuring an optimized and seamless integration on the aircraft, at unique flight envelope and operational characteristics. This project reinforces ParaZero’s reputation as a provider of advanced safety solutions across a myriad of aerial platforms, including multirotor, single rotor, fixed-wing, VTOL, manned and unmanned, and urban air mobility vehicles. Additionally, this project is a testament to ParaZero's capabilities to develop custom product variants to meet unique requirements and standards across a range of aircraft from around the world.
In addition to this achievement, ParaZero has received its second purchase order from the Customer in late 2023. This ongoing project further strengthens ParaZero's position as a leader in the aerospace industry, particularly in the development and integration of aircraft safety systems.
Boaz Shetzer, CEO of ParaZero, commented, “We are thrilled with the completion of this project, which showcases our robust technical capabilities and our commitment to delivering top-tier solutions in drone safety. The second order we have recently secured from this automotive company is a clear indication of the growing trust and demand in our specialized services.”
TheFinalCD
3 months ago
Private Placement 4,636,364 $1.10 4,636,364 $5,100,000 Aegis Empery, LIA Pure Capital 2023-10-26 9:25
IPO F-1 1,950,000 $4.00 0 $7,800,000 Aegis 2023-7-26 18:09
https://dilutiontracker.com/app/search/PRZO
subslover
6 months ago
ParaZero Technologies Ltd. Announces Pricing of $5.1 Million Private Placement
KIRYAT ONO, ISRAEL, Oct. 26, 2023 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (“ParaZero” or the “Company”), an aerospace company focused on drone safety systems for commercial drones and urban air mobility aircraft, today announced that it has entered into a securities purchase agreement with certain institutional investors for aggregate gross cash proceeds of $5.1 million, before deducting fees to the placement agent and other offering expenses payable by the Company.
In connection with the offering, the Company will issue an aggregate of 4,636,364 units and pre-funded units. The pre-funded units will be sold at the same purchase price less the pre-funded warrant exercise price of $0.005. Each unit and pre-funded unit will consist of one ordinary share (or pre-funded warrant) and one common warrant exercisable for one ordinary share at an exercise price of $1.10 per ordinary share. The common warrants will be exercisable upon issuance and will have a term of 5.5 years from the issuance date. The number of securities issued under the units is subject to adjustment as described in more detail in the report on Form 6-K to be filed in connection with the offering.
The closing of the private placement is expected to occur on or about October 30, 2023, subject to the satisfaction of certain customary closing conditions.
Aegis Capital Corp. is acting as the Exclusive Placement Agent for the Offering.
The securities described above are being sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Act"), and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to a registration rights agreement with the investor, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the "SEC") covering the resale of the ordinary shares sold in the offering and the ordinary shares issuable upon exercise of the pre-funded warrants and the warrants sold in the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.