Unusual Machines, Inc. (UMAC) is experiencing a decline in its stock price today, potentially influenced by recent developments involving its former CEO, Brandon Torres Declet. XTI Aerospace announced a non-binding Memorandum of Understanding to acquire a 30% equity interest in ReadyMonitor, a company co-founded by Declet. This move by XTI Aerospace into the autonomous drone market, leveraging ReadyMonitor's FAA waiver for beyond visual line of sight operations, may have shifted investor focus away from UMAC, as Declet's leadership and expertise are now associated with a competing venture.
The current price of UMAC stock is $11.93, reflecting an 8.21% decrease from the previous close of $13.00. The stock opened at $11.90 and has fluctuated between a high of $12.36 and a low of $11.53 so far today. Despite being early in the trading day, the volume is at 481,504 shares, which is only 10.36% of the average daily volume of 4,646,252 shares, indicating relatively low trading activity this morning.