Donald Trump Jr. leaves the fundraiser for Donald Trump, hosted by former Neighbours star Holly Valance, in London. Picture date: Wednesday June 12, 2024.
James Manning | PA Images | Getty Images
The share price of small U.S. drone and drone component maker Unusual Machines soared more than 60% in premarket trading Wednesday after the company announced that Donald Trump Jr. — the son of President-elect Donald Trump — had joined its advisory board.
“Don Jr. joining our board of advisors provides us unique expertise we need as we bring drone component manufacturing back to America,” said Unusual Machines CEO Allan Evans in a statement.
“He brings a wealth of experience and I look forward to his advice and role within the Company as we continue to build our business,” said Evans, whose Orlando, Florida-based company has a market capitalization of less than $50 million.
“The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts,” Trump Jr. said in a statement.
“I love what Unusual Machines is doing to bring drone manufacturing jobs back to the USA and am excited to take on a bigger role in the movement,” said Trump Jr.
Unusual Machines recently reported revenues of just $3.56 million for the nine months ending Sept. 30 and a net loss of $4.86 million for the same period.
Unusual Machines shares’ 52-week low is 98 cents per share. As of Wednesday morning, the stock, which closed at $5.36 per share on Tuesday, was trading at more than $8 per share.
Volume was heavy Wednesday morning, with nearly 5 million shares trading hands.
This is developing news. Check back for updates.
