Unusual Machines (UMAC.US) rose 85% after appointing Donald Trump Jr. as an advisor.

Market IntelWednesday, Nov 27, 2024 6:20 pm ET

1min read

Unusual Machines (UMAC.US), a drone parts manufacturer, rose 84.51% on Wednesday to close at $9.89. As of writing, it fell 3.34% after-hours to $9.56. The stock surged after the company said Donald Trump Jr. had joined its advisory board, hitting a record high of $11.67 during the session, up about 114% from its previous high.When asked if Trump Jr.'s relationship helped in obtaining certain government approvals, CEO Alan Evans said: "I would never ask him to do anything or facilitate anything for that."The company also disclosed in an 8-K filing that Trump Jr. previously held 331,684 shares of the company, which were sold in a recent private placement; the owner of the shares is Trump Jr. himself, not 1789 Capital.Trump Jr. had earlier joined venture capital firm 1789 Capital as a partner, but would avoid investing in companies with government business, according to media reports earlier this month.

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