Safe Pro Group announced a $3 million share buyback program following the successful completion of a high-impact AI security pilot in the Middle East with Ondas Holdings.
- The $3 million program enables the company to buy back outstanding common stock over the next 12 months.
- Safe Pro and Ondas completed a joint Middle East pilot using AI to support demining and reconstruction efforts.
- SPAI is on track to post its first gain in four sessions.
Shares of Safe Pro Group Inc. (SPAI) jumped more than 15% on Thursday as investors cheered a $3 million share buyback authorization following the successful completion of a high-impact AI security pilot in the Middle East with Ondas Holdings (ONDS).
SPAI stock is on track to post its first gain in four sessions.
Share Repurchase Program
Safe Pro’s Board approved a share repurchase program of up to $3.0 million, allowing the company to buy back outstanding common stock over the next 12 months. The repurchase is expected to be funded through existing cash and cash equivalents and, if needed, future cash flows.
Separately, Safe Pro and Ondas reported the successful completion of a joint Middle East pilot using AI to support demining and reconstruction efforts. The eight-week pilot program validated the Safe Pro Object Threat Detection (SPOTD), demonstrating its ability to analyze aerial imagery and flag potential explosive threats in complex environments.
The announcement follows Safe Pro’s filing on Tuesday of a new patent application for its AI-powered computer vision technology designed to autonomously detect small explosive threats in drone imagery and video.
Notably, the company has been on a deal-making streak lately. On Wednesday, Ondas partnered with Germany’s Heidelberg to advance production of Ondas’ counter-unmanned aerial vehicle (UAV) systems. The agreement followed two other counter-drone-related partnerships this month, including an $8.2 million deal to deploy its Iron Drone Raider system at a major European airport.
How Did Stocktwits Users React?
Retail sentiment for SPAI on Stocktwits remained in the ‘extremely bullish’ zone over the last 24 hours, amid ‘extremely high’ message volumes.
However, retail sentiment for Ondas remained in the ‘bearish’ zone for the past day.
Year-to-date, SPAI stock has shed around 6%.
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