Axon Enterprise 8-K, filed Nov 5, 2026

Summary

Axon Enterprise announced an incremental investment of approximately $1.2 billion in Skydio that is expected to raise its fully diluted ownership from about 15% to about 37% at a $5.2 billion pre-money valuation, with the initial closing held November 5, 2026 and remaining transactions expected in the fourth quarter of 2026 and first quarter of 2027. Axon will also become Skydio's exclusive distributor for public safety in the U.S. and Canada, expanding its Drone as First Responder program.

Key points

• The approximately $1.2 billion of consideration is expected to be roughly 60% cash (about $720 million) with the remainder in Axon common stock, subject to settlement of the Series G transactions.
• An initial closing on 25,000,000 shares of Skydio non-voting Series G Preferred Stock at $10.19617 per share, about $254.9 million, occurred on November 5, 2026; a tender offer for up to 68,451,508 additional Series G shares is to begin within ten business days.
• Axon stock issued across the transaction is capped at 19.99% of shares outstanding immediately before the primary closing, with any excess paid in cash; the shares are to be issued under the Section 4(a)(2)/Regulation D exemption.
• Skydio serves more than 1,500 public safety customers, and more than 28 million Americans live within two miles of a Skydio DFR dock.

Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.