Trump sons back drone company to target Pentagon sales: WSJ
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The news: Sons of US President Donald Trump are backing a new drone company aimed at meeting demand from the US Department of Defense and plug the hole left by the government’s ban on any new Chinese drones in the US, the company told the Wall Street Journal.
The context: A drone roll-up company based in Florida, Powerus, will merge with a publicly traded golf-course holding company, Aureus Greenway Holdings, which is funded by Eric Trump and Donald Trump Jr, executives told the WSJ.
The merger will ultimately see Powerus become a listed company on the Nasdaq stock exchange in the coming months.
Investors in the deal include one of the Trump’s investment vehicles, American Ventures, and Unusual Machines, a drone parts company where Donald Trump Jr is a shareholder and advisory board member. Dominari Securities, the Trump brothers-backed investment bank is also involved in the transaction.
Powerus CEO Andrew Fox told the masthead the reverse merger would provide Powerus access to the public capital markets, giving the company the funding it needs to scale manufacturing and acquire more companies.
The company, which sells aerial and maritime drones, said it is working toward building more than 10,000 drones each month — more than almost any other US drone manufacturer currently produces.
The source: Wall Street Journal
