Martin Aircraft taps investors for $5 million ahead of plans to raise as much as $20M in IPO

Thu, 07 Aug 2014

By Suze Metherell Aug. 8 (BusinessDesk) - Martin Aircraft Co, which plans to make the world's first commercial jetpack, has so far raised half of its $5 million target by selling shares to investors ahead of plans to raise as much as $20 million in an initial public offering as part of a listing on the Australian stock exchange mooted for later this year. The Christchurch-based company has tapped "sophisticated investors" for capital, saying it will spend $2.1 million on research and development, $1.2 million on salaries and IPO costs, $7...

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