Safe Pro Group, which provides military grade ballistic protective products and drone services, raised $5 million by offering 1.0 million shares at $5, the midpoint of the $4.25 to $5.75 range. The company had originally filed to raise $6 million by offering 1.2 million shares.
The Aventura, FL-based company sells protective gear, including military grade ballistic and bomb vests, helmets, and other equipment. In 2023, it was awarded a Multiple Award Schedule (MAS) contract by the US General Services Administration (GSA) for its Safe-Pro USA ballistic protection products. In addition, Safe Pro provides AI-based software and tools that analyze drone imagery to detect landmines, along with other drone services. It is also under contract with a Florida police department to provide "Drone as a Responder" services in 2024.
Safe Pro Group plans to list on the Nasdaq under the symbol SPAI. Dawson James acted as sole bookrunner on the deal.
