Engaged in advancing innovative solutions for large-scale market applications
Tel Aviv, Israel, July 27, 2023 — Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced today that ParaZero Technologies Ltd. (PRZO) (“ParaZero”), an aerospace company focused on drone safety systems for commercial drones and urban air mobility aircraft, of which Medigus has a 40% ownership stake, has completed pricing of $7.8 million as part of Initial Public Offering (“IPO”) and will commence trading on Nasdaq today, July 27, 2023, under the symbol PRZO.
Medigus is participating in the IPO and will hold 33% of ParaZero following the IPO’s closing.
ParaZero is a drone safety company that is focused on drone safety systems and engaged in the business of designing, developing and providing best-in-class autonomous parachute safety systems for commercial drones, also known as unmanned aerial systems or UAS. ParaZero’s team comprises of a group of aviation professionals, together with veteran drone operators, to address the drone industry’s safety challenges. The company’s vision is to enable the drone industry to realize its greatest potential through increasing safety and mitigating operational risk.