- In a 2016 report, Goldman Sachs labeled AgEagle as a Major Player in the agriculture drone space.
- In a 2017 report, Goldman Sachs identified the total addressable market for agriculture drones at $5.9 billion over the next five years.
- The United Nations Food and Agriculture Organization ("FAO") projects that the world will require 70% more food production by 2050 in order to keep up with population growth.
- Goldman Sachs suggests that the commercial Unmanned Aerial Vehicle industry has a $21 billion total addressable market with an estimated triple-digit compounded annual growth rate from 2016 to 2020.
- PricewaterhouseCoopers pegs the addressable market for agriculture drones at $32.4 billion, second only to the infrastructure sector.
More information about AgEagle can be found by visiting its website at www.ageagle.com .Upon completion of the Merger transaction, EnerJex's Common and Series A Preferred shareholders will own approximately 15% of the combined company. The Company is valuing AgEagle at approximately $20,000,000 prior to the completion of any financing that occurs in advance of the merger. The transaction, which has been approved by the board of directors of both companies, is expected to occur late in the fourth quarter of 2017 or first quarter of 2018, subject to various closing conditions, including, among other things: approval by the stockholders of both EnerJex and AgEagle; the raising of at least $4 million prior to the consummation of the merger; approval by NYSE for the listing of the combined company's common stock on the NYSE American exchange immediately upon consummation of the merger; and other closing conditions. The Company intends to dispose of its principal assets, primarily its Kansas oil and gas properties, concurrently with the closing of the Merger. In the event the Merger is not consummated the Company does not have a present intention to dispose of the above described assets. NYSE American Notice of Non-compliance On October 19, 2017, the Company received notice from NYSE Regulation, Inc. that it is not in compliance with certain NYSE American ("NYSE American") continued listing standards relating to stockholders' equity. Specifically, the Company is not in compliance with Section 1003(a)(i) (requiring stockholders' equity of $2.0 million or more if an issuer has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years) of the NYSE American LLC Company Guide (the "Company Guide"). As a result, the Company has become subject to the procedures and requirements of Section 1009 of the Company Guide and is required to submit a plan by November 19, 2017 advising the NYSE American of the actions the Company has taken or will take to regain compliance with the NYSE American continued listing standards. The plan period may not exceed April 19, 2019.
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