January 3 (SeeNews) - Bulgaria's Dronamics Capital [BUL:DRON], the company behind cargo drone manufacturer Dronamics, said that it made a formal change in the entity owning the Class A golden share, in preparation for a Series A fundraising round expected in 2023.
Dronamics Global Ltd of the UK transferred the Class A unit to a newly registered Bulgarian entity, Golden Share DK, equally owned by Dronamics founders Svilen Rangelov and Konstantin Rangelov, Dronamics Capital said in a filing on Friday.
The Rangelov brothers are majority owners in Dronamics Global, but have transferred the golden share to minimise any legal risks under British law in future transactions linked to the planned fundraising. The founders of Dronamics have also entered a lock-up agreement whereby they cannot transfer the golden share or dispose of the Golden Share company for a period of seven years or until the event of an initial public offering (IPO) of the drone manufacturer.
Dronamics entered the UK market in August 2022. Its planned Series A round will target investors from the UK, the US and Asia, Dronamics told SeeNews earlier.