President Trump’s Administration Reportedly Pursuing Funding Deals with Drone Companies – WSJ
Shares of Unusual Machines (UMAC) are up 32.5% at $24.95 pre-market, as of 9.15am.
(Washington, D.C.) The Wall Street Journal reported this morning (May 28) that President Trump’s administration is pursuing funding deals with a group of drone companies as part of efforts to increase domestic production and lower the costs of the increasingly vital weapons.
Drone image courtesy of Getty Images via Seeking Alpha.
The companies listed by the WSJ as having been identified for possible funding include Performance Drone Works, Unusual Machines (NYSEAmerican: UMAC) and Neros Technologies.
Per The WSJ, the White House’s discussions with private-sector drone companies have included the Office of Strategic Capital, a lending office set up by the Biden administration to fund companies deemed important to national security supply chains.
According to the WSJ, the funding effort dovetails with the aims of the Pentagon’s Drone Dominance program, a $1.1 billion initiative to amass an arsenal of around 300,000 low-cost attack drones by the end of 2027.
Shares of Unusual Machines (UMAC) are up 32.5% at $24.95 pre-market, as of 9.15am.
** Not investment advice; neither The FLY Report nor FLYJETS – nor any associated individual – is a registered investment adviser.
