UAS Drone Corp. announced the completion of its acquisition of Duke Robotics, Inc., the purveyor of an innovative military UAS drone with advanced stabilization technology, pursuant to which Duke Robotics became a wholly-owned subsidiary of UAS Drone Corp.
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The combined company will focus on Duke Robotics’ business, expanding its presence in the military drone market with TIKAD – a UAS Octocopter Integrated with Six Degrees of Freedom (“6 DOF”) Robotic Gimbal system that enables remote, real-time firing of small arms and light weapons.
- Pursuant to the previously announced Share Exchange Agreement and the recently completed merger agreement, UAS Drone Corp. acquired a`ll of the outstanding capital stock of Duke Robotics in exchange for shares of UAS Drone Corp’s common stock issued to the shareholders of Duke Robotics, in an amount equal to 71% of the post-transaction capitalization of UAS Drone Corp.
- Following the completion of the acquisition, Duke Robotics designated the Board of Directors of the combined company and Duke Robotics’ senior management holds all key positions in the senior management of the combined company.
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