The Parazero Ltd [ASX:PRZ] share price fell 11.76% yesterday, trading at $0.15 at yesterdays close, down from its $0.17 open.
Parazero is a company that focuses on the design, development and manufacturing of drone safety systems.
Parazero Ltd’s share price effected by incorrect bank balance
Parazero’s CEO Eden Attias has sent a letter to all shareholders, explaining that the company’s recent activity report and appendix 4C has mistakenly quoted the bank balance. Although Parazero has corrected their mistake and apologised, it appeared to be too late for the falling share price.
The technical mistake cast doubt on whether there would be sufficient funds for its continuing projects.
Mr Attias also took the opportunity to talk about the report, saying:
‘I’d like to emphasise that the forecasted increase in expenditures is aimed at product manufacturing infrastructure and build-up of inventories of new products, all focusing on the increase of revenue generating contracts.’
Damage control for Parazero’s share price
Parazero’s goal is to turn recognition into successful sales, by creating new relationships with distributors and retailers in the in the US and other countries that will sell Parazero’s Drone safety systems.
Parazero’s final product adaptations are also being made in preparation to launch new products to professional consumers, as well as recreational ones.
In the future Parazero wants to open mass adoption of its products, as well as strengthen its brand and recognition.
For Markets and Money Morning
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