We believe that AgEagle Aerial Systems Inc.’s (“UAVS”, “AgEagle”, or the “Company”) was a pump & dump scheme orchestrated by Alpha Capital Anstalt (“Alpha Capital”), AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.
In April 2020 rumor of a partnership between Amazon.com, Inc. (“Amazon”, Nasdaq: AMZN) & AgEagle was started by a promotional video uploaded to AgEagle’s founder and former chairman Bret Chilcott’s daughter’s personal website and youtube account (the “Promo Video”). Since then, a 54 page due diligence document has circulated on Reddit which at various times referenced the Promo Video and suggested that the AgEagle’s partnership with Amazon was real.
We have found no evidence of any “major e-commerce customer” or any drone technology credited to AgEagle other than reference to the Promo Video leaked by AgEagle’s founder and former Chairman Bret Chilcott’s daughter.
In 4Q’20 an Amazon spokesperson disclosed to reporter Daniel McCoy of the Witchita Business Journal that Amazon specifically does not have any dealings with AgEagle whatsoever.
UAVS stock skyrocketed on fake Amazon partnership rumors from US$ 0.39 to US$ 16. THE PUMP!
While insider ownership declined from 44% to 0.5%. THE DUMP!February 18, 2021 - Short AgEagle Aerial Systems (UAVS) - February 18, 2021