Shares of Airship AI Holdings, Inc. (NASDAQ: AISP) are experiencing a significant uptick in the stock market following the announcement of a new equity move. As of the latest check, AISP stock has risen by 16.98%, reaching $3.10 per share.
Public Offering Details
Airship AI Holdings revealed the pricing of a public offering, structured in accordance with Nasdaq regulations. The offering includes 2,882,883 shares of its common stock along with warrants, all priced at-market. Each share, along with a corresponding common warrant, has a combined public offering price of $2.775.
With an exercise price of $2.65 per share, each warrant permits the purchase of one share of common stock. These warrants are immediately operative upon issuance and are good for five years after that date. If all the usual closing requirements are met, the offering is expected to close on September 3, 2024, at the latest.
With this offering, Airship AI hopes to raise around $8.0 million in gross revenues, before deducting placement agency fees and other related expenses. The net proceeds will be used by the business for both general corporate purposes and working capital.
Airship AI secured Strategic Contract
In addition to the equity news, Airship AI has recently secured a significant contract with the Department of Defense (DoD), further enhancing its market position. The company was awarded a base year plus four option years contract for its Acropolis Enterprise Sensor Management video and data management platform. This marks the first deployment of the Acropolis ecosystem at the DoD level, a notable achievement for Airship AI.
Platform Integration and Future Prospects
The Acropolis platform is engineered to efficiently collect, distribute, and manage digital evidence on a global scale, integrating various data sources into a unified, secure enterprise management system. This initiative aligns with Airship AI’s broader collaboration with multiple DoD agencies, including the Departments of the Navy, Army, and Air Force.
The company is actively working to develop its platform to meet the specific investigative and surveillance needs of these agencies. Several of these projects are expected to transition from the pilot phase to full acquisition in the coming quarters, as Airship AI continues to refine its solutions to align with DoD requirements.
