CubCrafters said it will close its public stock offering at the end of this year. New subscriptions from investors wishing to purchase the company’s shares at the current share price will not be accepted after December 31.
The Yakima, Washington, manufacturer of certified and experimental category aircraft launched its public offering in July 2022 after 42 years of private ownership. The initial price of $5 per share increased to the current level of $5.45 in May, following positive responses from investors and customers.
“As we approach the end of 2023, we want to express our sincere appreciation to our investors for their interest and support of CubCrafters,” said Patrick Horgan, president and CEO of CubCrafters. “We have made continued progress this year on many fronts as our team members continue to build our reputation as the industry leaders in backcountry aviation.”
Horgan listed several milestones the company achieved this year, including the introduction of the Carbon Cub UL model using the multifuel Rotax 916iS engine. The multifuel capability has the potential to boost sales in international markets, the company said. Another marketing coup came when CubCrafters collaborated with Red Bull to stage the much-viewed landing of a Carbon Cub on the helipad of a hotel in Dubai, United Arab Emirates.
The company also began incorporating robotic manufacturing technology to streamline production and reduce costs. The new equipment is expected to increase production capacity as it comes online during 2024.
CubCrafters is preparing to deliver specialized versions of its XCub aircraft to the U.S. Department of Agriculture and has contracts to produce more of these aircraft in 2024. The company said it is “actively soliciting” more potential government customers.
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“The closing of our Regulation A+ offering marks an important landmark in our company’s journey,” said Brad Damm, vice president of CubCrafters. “The response of investors wanting to join CubCrafters is a strong testimonial to the value they assign to the quality, safety, and performance of our aircraft, along with our company’s position as a leading American company in general aviation.”
