A lot of developments took place from DRONE AVIATION HOLDI (OTCMKTS:DRNE) during the last week. The company specialized in developing drones closed the week after announcing the appointment of Jay H. Nussbaum as Chairman to its Board of Directors. Nussbaum will replace Major General (US-Ret.) Wayne P. Jackson now, while Jackson will retain his position of Director.

Nussbaum is the new Chairman

It was Dr. Phillip Frost, Chairman of DRONE AVIATION HOLDI (OTCMKTS:DRNE)’s Strategic Advisory Board, who had first recommended Nussbaum for the position of Chairman on the Board. Nussbaum is an investor, who recently concluded $1 million Series G Preferred Stock financing. Nussbaum will also be appointed to the company’s Strategic Advisory Board, where he will work with both Dr. Frost and Mr. Steve Rubin.

Meanwhile, Dr. Frost expressed his confidence on Nussbaum to help the company get through the various processes of the military, government, and commercial sectors. Dr. Frost added that Nussbaum has a good hold on commercial sales and management and matters pertaining to government processes. Nussbaum was previously serving Oracle Service Industries as executive vice president and helped the company’s business to grow to $1.5 billion from $60 million during his 10-year long association with the company.

Preferred stock offering

Meanwhile, DRONE AVIATION HOLDI (OTCMKTS:DRNE) also announced the conclusion of $1 million offering of its Series G Convertible Preferred stock. Dr. Frost led Frost Gamma Investments Trust invested nearly $250,000 in the offering. In the offering, the company sold nearly 4,000,000 shares of its Series G Convertible Preferred stock, where every stock was convertible into one share at a purchase price of $0.25 per share. DRONE AVIATION HOLDI (OTCMKTS:DRNE) aims to use the proceeds from the offering towards commercialization and production efforts of its new range of tethered drones, known as WATT-200.

The stock of DRONE AVIATION HOLDI (OTCMKTS:DRNE) was up by nearly 4% to $0.333 during the last session, when a total of 677,740 shares changed hands.