- Backcountry aviation innovator CubCrafters is advancing its ability to respond to customers of its popular XCub and other aircraft products by welcoming outside investors
- CubCrafters’ public investment offering was initially introduced last year through a Reg A+ filing qualified by the FTC in November, at which point more than $26 million of its $50 million goal had already been reserved pre-offering
- The company announced Jan. 17 that it has expanded that investment opportunity to residents in Florida, New Jersey, Texas, and Washington, through a Regulation CF campaign serving non-accredited investors who couldn’t qualify under the Reg A+ program
- Both investment offerings offer the same terms — $5 per share and a minimum investment of $400
The introduction of a new Regulation CF campaign by Yakima, Wash.-based aviation company CubCrafters has helped the best-in-class backcountry aircraft producer clear a critical hurdle to accepting investments from non-accredited investors in several states as a result of local restrictions in those states.
The allowance for investment from non-accredited investors living in Florida, New Jersey, Texas and Washington means it is now possible for investors in every state to participate in CubCrafters’ public offering if they wish.
“Our fans, customers, aviation enthusiasts, employees, and even the general public in the states of Florida, New Jersey, Texas, and Washington have told us that they very much want to participate in this investment opportunity,” CubCrafters President and CEO Patrick Horgan stated in the company’s news release (https://nnw.fm/Y9lHJ). “It was always our intention for everyone to be able to participate in our offering regardless of their location, and now they can.”
CubCrafters unveiled its plans to become a publicly funded company in July with an announcement that it would accept reservations for preferred stock under a Reg A+ filing, and in November Horgan announced the Federal Trade Commission (“FTC”) qualified the Reg A+ filing, opening the door for the investors to come onboard (https://nnw.fm/1cR77).
The new Regulation CF campaign offers the same terms for preferred stock to the public — an initial price of $5 per share and a minimum investment of $400, according to the company.
The company aims to raise up to $50 million and had already received reservations for more than $26 million of its shares within 90 days of its announcement it would accept outside investment for the first time.
CubCrafters builds popular FAA-certified aircraft, light sport airplanes that meet international air traffic flow management (“ATFM”) standards, experimental aircraft for hands-on builders taking advantage of the company’s assistance program, and kits for those prepared to work on their own.
The purpose of the funding drive is to help the company grow sufficiently that it can reduce customers’ wait times (currently booked out at about two years) while also enabling the company to accelerate the pace of innovation to develop faster, more powerful, technically capable aircraft, to improve customer support, and to boost sales in overseas markets where the company flagship XCub aircraft has received international certifications.
Its XCub and Carbon Cub SS models are advanced versions of the legacy Super Cub using current-day technology — a high-performance fixed-wing craft useful for accessing backcountry areas without the need for paved runways, whether for commercial needs or for personal recreation.
The airplanes have lower operational costs than helicopters, which have also made them attractive to the government, leading to a contract with the U.S. Department of Agriculture announced last month to replace some of its aging Piper PA-18 Super Cubs currently in its fleet.
“Our goal here at CubCrafters is to provide them with such a good platform (an aircraft that is more capable, more cost effective, and safer), that they ultimately replace their entire current fleet of around 40 legacy aircraft with the XCub,” Vice President of Sales and Marketing Brad Damm told Flying magazine (https://nnw.fm/Gsybh).
For more information, visit the company’s website at www.CubCrafters.com.
NOTE TO INVESTORS: The latest news and updates relating to CubCrafters Inc. are available in the company’s newsroom at https://nnw.fm/CUB
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