UMAC Stock Gains After Pentagon Funding Report, Profit Uncertainty Remains
Unusual Machines shares surged at the open Thursday in New York after news reports said the Trump administration is talking about funding U.S. drone makers. The coverage drove attention back to the Orlando drone-parts supplier. The stock climbed up to 52% at one point, and was last up 41% at $26.52. Washington’s push to boost local drone manufacturing has U.S. officials in talks to fund smaller drone suppliers, Reuters said, citing the Wall Street Journal. If the talks lead to deals, firms like Unusual Machines, Neros, and Performance Drone Works could get fresh cash. Some of the proposals on the table could give the government equity and debt stakes.