Texas Wyoming Drilling has changed its name to Drone USA to reflect its focus on the production of low-altitude unmanned aerial vehicles, quadcopters and other fixed-wing systems.The Financial Industry Regulatory Authority also approved Thursday the company’s plan to trade its common stock on OTC Markets under the ticker symbol DRUS starting June 17, Drone USA said Monday.
Drone USA CEO Michael Bannon said the name and symbol changes seek to reflect the company’s plan to expand in military, civil defense and commercial drone markets and are in line with the firm’s strategy to build up its product portfolio with novel platforms through acquisitions of UAV companies.
The name change follows an equity exchange agreement signed by Drone USA with Texas Wyoming Drilling in January that will eventually result in a spinoff of the latter’s business and operations.
Drone USA also reduced its outstanding shares of common stock to approximately 40, 798, 580 shares after it finalized on March 24 a 1-for-12 reverse stock split with a par value of $.0001 per share as part of the agreement.
