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Safe Pro Group Inc. (Nasdaq: SPAI) announced that its subsidiary, Airborne Response, has secured a one-year contract extension from Citizens Property Insurance for aerial services. This marks the second annual extension since the initial 3-year agreement in 2018. Airborne Response will use Florida-compliant drones for routine and disaster response flight services, helping Citizens assess roof structures and other targets of interest.
The extension demonstrates Citizens' trust in Airborne Response and the value of their services. Airborne Response serves leading energy, telecommunications, and insurance firms across Florida, using drones to assess the power grid condition and evaluate storm damage. The company is also expanding its on-demand disaster drone flight services throughout the Southern U.S.
Safe Pro AI, a subsidiary of Safe Pro Group Inc. (Nasdaq: SPAI), has completed a Phase III drone survey operation in Ukraine under a UNDP purchase order. The company analyzed land in Kharkiv Oblast using its AI-powered SpotlightAI™ system, which is built on AWS. This operation is part of a multi-year technology evaluation program by UNDP, aimed at enhancing land release efficiency in agricultural areas contaminated by landmines and unexploded ordnance.
SpotlightAI™ can rapidly identify and GPS-locate landmines and UXO from drone imagery, significantly reducing time and costs compared to human-based analysis. This capability is important in Ukraine, where an estimated 139,300 km² area is potentially contaminated. The system has demonstrated its ability to enhance the current land survey process through real-world evaluations conducted by UNDP and other stakeholders in Ukraine.
Safe Pro Group Inc. (Nasdaq: SPAI) has successfully completed its initial public offering (IPO), raising $5.1 million in gross proceeds. The company, which specializes in AI-powered drone imagery processing for humanitarian mine-clearing efforts, offered 1,020,000 shares of common stock at $5.00 per share. Trading began on the Nasdaq Capital Market on August 28, 2024, under the ticker symbol 'SPAI'.
Dawson James Securities, Inc. led the offering as the book-running manager, with Spartan Capital Securities acting as co-manager. The underwriters have a 45-day option to purchase up to 153,000 additional shares to cover over-allotments. The IPO was conducted through a prospectus forming part of an effective registration statement filed with the SEC.
Safe Pro Group Inc. (NASDAQ:SPAI), a leading AI solutions provider for drone imagery processing in humanitarian mine-clearing efforts, has announced the pricing of its initial public offering. The company is offering 1,020,000 shares of common stock at $5.00 per share, aiming to raise gross proceeds of $5.1 million. Trading is expected to commence on the Nasdaq Capital Market on August 28, 2024, under the ticker symbol SPAI.
The underwriters have a 45-day option to purchase up to 153,000 additional shares at the IPO price. Dawson James Securities, Inc. is the lead book-running manager, with Spartan Capital Securities as co-manager. The offering is anticipated to close on August 29, 2024, subject to customary conditions.
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