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      A Look At What's Driving Bridger Aerospace (BAER) Higher Today

      By Fahim Awan

      Published on

      October 24, 2023

      5:44 PM UTC

      A Look At What's Driving Bridger Aerospace (BAER) Higher Today

      Bridger Aerospace Group Holdings, Inc. (NASDAQ: BAER) is experiencing a notable upswing in the current session this morning, with a remarkable 18.47% surge, bringing its current value to $4.81 at the last check. The trading volume for Bridger Aerospace stock has far exceeded 400,000 shares, a striking contrast to its average weekly volume of 40,000 shares per day. This surge in BAER stock follows the company’s decisive move to terminate a public offering of its common stock.

      The determination to discontinue the proposed public offering of common stock was prompted by the prevailing market volatility and conditions. This led Bridger Aerospace (BAER) to revoke its prior announcement of a public stock offering made on October 17, 2023. The management at Bridger Aerospace reached the conclusion that the present market conditions do not favor a public offering under terms that would be advantageous for the company and its shareholders.

      Notably, Bridger Aerospace recently emerged victorious in a competitive public tender process to acquire four Canadair CL-215T Amphibious Aircraft from the Spanish Ministry for Ecological Transition and Demographic Challenge. This acquisition elevates Bridger’s Scooper fleet to 10 Scoopers, establishing it as the preeminent private owner of CL-215T/415 Super Scoopers on a global scale.

      Additionally, with the anticipated completion of the acquisition of Bighorn Airways, Inc. in 2023, Bridger Aerospace’s firefighting fleet will encompass an impressive total of 32 aircraft. BAER aspires to have the first two Scooper aircraft ready for deployment in the 2024 fire season, with the additional Scooper aircraft becoming available once the necessary upgrades to their airframes are implemented.

      In accordance with the terms of the tender, Bridger Aerospace is set to acquire the four Scoopers from the Spanish government for €40 million, with the transaction to be executed following the Spanish public tender process. This purchase represents a strategic and transformative milestone for BAER and has far-reaching implications for the global firefighting market, particularly considering the current scarcity of aerial firefighting assets.

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