OPKO Health chairman, CEO leads investment in private placement
By Susanna Moon
Chicago, Aug. 28 – Drone Aviation Holding Corp. said it has accepted subscriptions for a private placement of series F convertible preferred stock up to $1.5 million.
The company will sell 1,100,333 of the convertible preferreds at $0.75 each for a purchase price of $825,250, according to a company press release.
Phillip Frost, chairman and chief executive officer of OPKO Health, Inc., led the investment in the private placement.
Each preferred is convertible into one common share.
The Jacksonville, Fla., company designs and develops specialized tethered aerial surveillance and communications solutions.
| Issuer: | Drone Aviation Holding Corp.
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| Issue: | Series F convertible preferred stock
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| Amount: | $1.5 million
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| Price: | $0.75
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| Warrants: | No
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| Investor: | Phillip Frost (lead)
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| Announcement date: | Aug. 28
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| Stock symbol: | OTCBB: MCVED
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| Stock price: | $0.80 at close Aug. 27
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| Market capitalization: | $14.18 million
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