RocketDNA buys remaining subsidiary for $1M

• RocketDNA agreed to acquire the remaining 40% stake in its Western Australian subsidiary to reach 100% ownership.
• The transaction is valued at $1 million and will be funded entirely through the issuance of new company shares.
• The acquisition aims to simplify the corporate structure and eliminate non-controlling interests without altering daily operations.

Drone solutions provider RocketDNA (ASX:RKT) announced an agreement to acquire the remaining 40% stake in its core Western Australian subsidiary for $1 million in shares.

The company previously held a 60% stake in RocketDNA (WA), an operation that generates the majority of the group's Australian revenue.

The transaction will be settled by issuing new shares priced at a 20-day volume-weighted average price of $0.023942 per share.

These newly issued consideration shares represent approximately 3.5% of the company's issued capital and will be held in voluntary escrow for 12 months.

Following the announcement, the RocketDNA share price was unchanged at $0.024.

The subsidiary was originally known as Arvista before RocketDNA acquired its initial majority stake and consolidated the business.

The company stated that the transaction changes only the reported profit after tax while keeping operations, customers, and strategy identical.