00:00It's Benzinga bringing Wall Street to Main Street.
00:02Eric Trump and Donald Trump Jr. are backing Powers, a West Palm Beach-based drone company
00:07preparing to go public through a reverse merger with Aureus Greenway Holdings,
00:11according to the Wall Street Journal. The deal expands the Trump family's involvement in the
00:15drone sector as Pentagon initiatives to rapidly deploy small drones and a U.S. ban on new Chinese
00:21drone models create new growth opportunities. The transaction will allow Powers to trade on
00:26NASDAQ in the coming months and access public capital to expand manufacturing and acquisitions.
00:32Investors include the Trump Act Investment Vehicle American Ventures,
00:36Drone Components Company Unusual Machines, and Dominari Securities.
00:40Power is said it aims to produce more than 10,000 drones per month after acquiring three
00:44companies in the past six months, a level exceeding most U.S. manufacturers and far
00:49above the Defense Department's historical purchases. For all things money, visit Benzinga.com.
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