• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Drone company’s stock soars after it appoints Donald Trump Jr. to advisory board

by November 29, 2024
written by November 29, 2024

Shares in a little-known drone company soared Wednesday after it announced that Donald Trump Jr. had joined its advisory board.

Unusual Machines, an Orlando, Florida-based firm born just two years ago as it acquired a drone manufacturer and a separate drone retailing firm, announced the appointment in an early-morning news release.

“Don Jr. joining our board of advisors provides us unique expertise we need as we bring drone component manufacturing back to America,” CEO Allan Evans said in the release. “He brings a wealth of experience and I look forward to his advice and role within the Company as we continue to build our business.”

Trump Jr., in the statement, also put the move in the context of the America First economic agenda of his father, President-elect Donald Trump.

“The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts,” Trump Jr. said. “I love what Unusual Machines is doing to bring drone manufacturing jobs back to the USA and am excited to take on a bigger role in the movement.”

After Unusual Machines announced Trump Jr.’s move, its stock nearly doubled to more than $10 on heavy trading volume before it gave back some of the gains. It closed at $9.89 a share Wednesday afternoon. In May, the stock fell to as low as 98 cents.

According to a share offering detailed in a securities filing Wednesday, Trump Jr. is listed as having owned 331,580 shares of Unusual Machines. Of those, 131,580 shares were held because of his participation in a private placement offering of shares at a purchase price of $1.52 per unit.

Trump Jr. holds the remaining 200,000 shares as the result of a restricted stock unit agreement and advisory agreement, the filing says. Half of those shares can be immediately sold when the company’s board approves the agreements, and the rest will vest on May 22. The filing says “the Selling Stockholders may sell all, some or none of the offered Shares in this offering.”

Brian Hoff, the chief financial officer, declined to comment when asked what Trump Jr.’s advisory agreement will require of him.

Wednesday’s stock surge demonstrates the extent to which an association with the Trump name can transform an entity’s fortunes, for better or worse. During Donald Trump’s first term as president, his social media posts mentioning a company or one of its executives could cause shares to slide or jump, creating material risks or gains for investors.

Unusual Machines already had some momentum this month, having posted large gains after Election Day. Still, even with the share increases, its market value stood at a relatively meager $69 million as of early Wednesday afternoon.

Unusual Machines also finds itself potentially in the crossfire if President-elect Trump launches a new trade war with China. The company notes in the securities filing its heavy reliance on Chinese imports, which Trump now says would face punitive tariffs once he takes office. “If there are increased tariffs imposed, it could materially and adversely affect our business and results of operations,” the company said in a regulatory filing, warning of potential price increases.

An Unusual Machines spokesperson didn’t immediately respond to a request for comment.

In February, Unusual Machines closed its initial public offering of 1.25 million shares of stock for net proceeds of $3.85 million, according to CNBC.

When the company completed its IPO, it also acquired the drone brands Fat Shark and Rotor Riot from Red Cat. Jeffrey Thompson, the founder and CEO of Red Cat, is the founder and previous CEO and current board member of Unusual Machines.

In a recent regulatory note, Unusual Machines said it changed its accounting firm in April and “terminated its engagement with their prior auditor.” The firm in question was BF Borgers CPA, which also had been the auditor for Trump Media, the Truth Social parent company whose majority owner is the president-elect.

The Securities and Exchange Commission charged BF Borgers in May with “massive fraud” for work that affected more than 1,500 SEC filings. The auditor and owner Benjamin Borgers agreed to be permanently suspended from practicing as accountants before the SEC and to pay a combined $14 million in penalties.

Trump Media soon after retained a new auditor to replace BF Borgers.

Unusual Machines in its recent quarterly report said that its own new accounting firm re-audited the company’s prior financial statements and found that various transactions and stock compensation expenses weren’t recorded.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Putin mulls striking Kyiv with new hypersonic missile that can reportedly reach US West Coast
next post
Starbucks (SBUX) Stock Analysis: Key Resistance at $103.33

related articles

U.S. foreign tax bill sends jitters across Wall...

May 30, 2025

Amazon taps Xbox co-founder to lead new team...

May 30, 2025

Nvidia results spark global chip rally

May 30, 2025

Boeing to resume airplane deliveries to China next...

May 29, 2025

E.l.f. Beauty to acquire Hailey Bieber skin care...

May 29, 2025

Dick’s Sporting Goods stands by full-year guidance —...

May 28, 2025

Macy’s CEO says retailer will hike some prices...

May 28, 2025

23andMe to delist from Nasdaq, deregister with SEC

May 28, 2025

Walmart fined for shipping realistic toy guns to...

May 28, 2025

Why Trump’s iPhone tariff threat might not be...

May 25, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Bitcoin and Ethereum: Positive Week for Bitcoin Price

    September 13, 2024
  • AMC bets on premium screens as Hollywood slate boasts big blockbuster titles

    April 1, 2025
  • Blinken says Gaza cease-fire is ‘imperative’ after killing of Hamas leader in Iran

    July 31, 2024
  • GORDON SONDLAND: I was wrong about Trump and Democrats can’t stand it

    October 31, 2024
  • ApeCoin and Akita Inu: ApeCoin returns to weekly open price

    August 15, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,735)
  • Investing (624)
  • Stock (775)

Latest Posts

  • Trump slams Biden’s ‘pathetic’ correspondence with Netanyahu, reveals when he last spoke with world leader

    October 13, 2024
  • Biden administration slow-walked Marc Fogel designation as ‘wrongful detainee,’ Republicans say

    February 12, 2025
  • Lauren Sanchez tones down look after backlash for racy inauguration outfit

    January 21, 2025

Recent Posts

  • Mars acquires Kellanova for $36 billion, adds Pringles and Cheez-It to its portfolio

    August 14, 2024
  • Far left wants to crush PayPal, Zelle and you can take that to the bank

    August 28, 2024
  • ‘Star Trek shield’ technology gets $250M boost to knock drone swarms from the sky with high-powered microwave

    March 6, 2025

Editor’s Pick

  • Republicans demand Trump cut American legal association out of nominee process

    March 8, 2025
  • S&P 500 and Nasdaq: Nasdaq in an attempt to consolidate

    July 16, 2024
  • Universal’s Epic Universe theme park set to open in May 2025

    October 18, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock