Draganfly Inc. (OTCMKTS:DFLYF) dropped 9.5% after announcing its new consolidated stock on the basis of 1-for-5 currently outstanding and issues shares under the new ticker “DPRO” and new ISIN and CUSIP numbers CA26142Q2053 and 16142Q205, respectively.
The announcement is connected with the anticipated listing of its outstanding and issued common shares on the Nasdaq Exchange. The consolidation will be effective on July 29, 2021, and after consolidation, there will be around 27.046 million shares, down from approximately 135.23 million outstanding and issued common shares.
The company is expected to complete listing its common stock on the Nasdaq Capital market under the “DRPO” ticker subject to meeting Nasdaq listing requirements. Already the company has filed an initial prospectus supplement to the short form base prospectus dated July 14, 2021, concerning the expected public offering of its stock in the US. The stock will commence trading on the Nasdaq Exchange after DFLYF has met the remaining requirements to list the shares on the exchange. So in the coming weeks, DFLYF is a stock to watch.
Market Reaction:
On Tuesday, DFLYF stock decreased 9.60% at $1.15 with more than 1.23 million shares, compared to its average volume of 444k shares. The stock has moved within a range of $1.0500 – 1.3000 after opening the trade at $1.27. Over the past 52-week, the stock has been trading within a range of $0.7700 – 3.3400.
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