Israeli autonomous drone safety company ParaZero (Nasdaq: PRZO) saw its share price jump 76% on Wall Street yesterday to $1.23, giving a market cap of $13.17 million. The share price is up a further 32% in premarket trading.
ParaZero has developed an autonomous drone safety system based on a parachute, which automatically identifies breakdowns and brings the drone safely down to the ground. Based in Kiryat Ono, the company has 11 employees. Initially traded on the Australian Securities Exchange, last summer ParaZero held a small public offering on Wall Street and raised $7.8 million at a company valuation of $43 million and a share price of $4 - considerably higher than the current price even after the latest strong gains.
Yesterday's strong gains followed the company's report that it had successfully completed a drone safety project with a Fortune 500 vehicle manufacturer.
ParaZero said, "This project involved development and testing of a custom groundbreaking ParaZero SafeAir system designed to meet challenging requirements and specifications to meet the Fortune 500 automotive manufacturer's proprietary aircraft from the design stage, ensuring optimized and seamless integration, at unique flight envelope and characteristics."
Published by Globes, Israel business news - en.globes.co.il - on December 21, 2023.
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