- KWESST Micro Systems (KWE, KWEMF) and AerialX Drone have entered into an exclusive agreement for counter-drone technology
- The agreement comes following an October 2019 non-exclusive worldwide agreement previously entered with AerialX
- Under the terms of the new agreement, KWESST will retain its non-exclusive worldwide rights
- KWESST will issue AerialX 100,000 common shares in consideration of the new exclusive rights
- An additional 100,000 shares will be issued following AerialX meeting certain milestones
- Shares of KWESST were up 30.79 per cent to C$1.79 as of 11:58 a.m. EDT
Additional terms of the agreement include KWESST retaining its non-exclusive worldwide rights. The company will also issue 100,000 shares to AerialX in consideration of the exclusive rights. Should AerialX meet additional technological milestones, KWESST will issue 100,000 additional shares.
Following the announcement, shares of KWESST skyrocketed, increasing by 30.66 per cent to C$1.79 as of 11:58 a.m. EDT.