AEROVIRONMENT,INC. (NASDAQ:AVAV) Files An 8-K Other Events
Item 8.01. Other Events.
On February9, 2019, AeroVironment,Inc. (the “Company”) determined to purchase ¥632,800,000 JPY (approximately $5.7 million) of additional shares of HAPSMobile,Inc., its joint venture with SoftBank Corporation (“SoftBank”), to increase its ownership in the joint venture from 5 percent to 10 percent to the terms of the HAPSMobile,Inc. Joint Venture Agreement, dated December1, 2017 by and between the Company and SoftBank (the “Agreement”). The Company anticipates that the purchase of additional shares will be completed in the Company’s current fourth fiscal quarter, on or around March6, 2019. The Company’s purchase of the additional shares is made to the Agreement which provided the Company with an option to purchase additional shares of HAPSMobile,Inc. to increase its ownership percentage of the joint venture up to 19% at the same per share price that it paid to purchase its original 5% stake. The option has now expired.
About AEROVIRONMENT,INC. (NASDAQ:AVAV)
AeroVironment, Inc. designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems. The Company supplies UAS, tactical missile systems and related services primarily to organizations within the United States Department of Defense (DoD). The Company also supplies charging systems and services for electric vehicles (EVs), and power cycling and test systems to commercial, consumer and government customers.