Martin Aircraft, the jetpack company, raised $27 million by issuing shares in the company, most of which were taken up by China-based investor KuangChi Science.
The Shenzhen-based Kuang-Chi Institute of Advanced Technology has a 52 per cent stake in Martin Aircraft.
The funds raised by the listing will go toward a commercial jetpack planned for the second quarter of 2016.
The US Department of Homeland Security intends to take the product, which can fly for 30 minutes with a 30-kilometre range at speeds of up to 74 kilometres per hour.
Martin Aircraft (ASX: MJP) listed on the ASX less than two months ago. Within its first two weeks as a publicly listed company, the stock surged as much as 687.5% to $3.15, but has since come back down to earth to trade at 95 cents (A$233 million valuation).
Liu and his team at Kuang-Chi Science – a firm founded in 2010 – are also interested in developing cutting-edge aerospace technology and metamaterials (synthetic materials with properties not found in nature).
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The Shenzhen-based Kuang-Chi Institute of Advanced Technology has a 52 per cent stake in Martin Aircraft.
The funds raised by the listing will go toward a commercial jetpack planned for the second quarter of 2016.
The US Department of Homeland Security intends to take the product, which can fly for 30 minutes with a 30-kilometre range at speeds of up to 74 kilometres per hour.
Martin Aircraft (ASX: MJP) listed on the ASX less than two months ago. Within its first two weeks as a publicly listed company, the stock surged as much as 687.5% to $3.15, but has since come back down to earth to trade at 95 cents (A$233 million valuation).
Liu and his team at Kuang-Chi Science – a firm founded in 2010 – are also interested in developing cutting-edge aerospace technology and metamaterials (synthetic materials with properties not found in nature).
Read more »
