AgEagle Aerial Systems Inc.

UAVS

On February 18, 2021, Bonitas Research published a report alleging that AgEagle is “a pump & dump scheme orchestrated by Alpha Capital Anstalt . . . AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” The Bonitas report also provides that “in April 2020 rumor of a partnership between Amazon . . . & AgEagle was started by a promotional video uploaded to [Chilcott’s] daughter’s personal website and youtube account,” but Bonitas wrote that “’we have found no evidence of any major e-commerce customer.’” In 2020, AgEagle received over $23 million in proceeds from registered direct offerings. Then in the fourth quarter of 2020, according to Bonitas, an Amazon spokesperson disclosed that Amazon “specifically does not have any dealings with AgEagle whatsoever.” The market was stunned by this development, with shares down approximately 32% in intraday trading.

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