Jetpack company’s shares up and down in fortnight since IPO

Share prices for the New Zealand-based company that hopes to
sell the world’s first commercial jetpack have been volatile, reaching as high
as $3.15 on the ASX yesterday.

AAP reports that Martin Aircraft, which ran at a loss of $3
million for the second half of 2014, hopes to be selling jetpacks in 2016.

Martin listed on February 24 at 40 cents a share.

Some brokers were confused by the share price, which ended up
at $1.65 at the close of trading on Tuesday. Martin made no announcement was made yesterday.

“People
like the potential upside of what these sorts of companies offer,” an
anonymous broker told AAP.

“But in
terms of what they’re all about and why they’re moving up, I don’t know.”

A senior client adviser with OMF, Daniel Metcalfe, said speculation
was what had caused the volatile prices, and he was wary of the shares.

“I wouldn’t touch [the stock] with a barge pole,” he told the NZ Herald.

The business listed in Australia rather than NZ to attract a
broader range of investors.

According to Martin, their product – powered by a V4 200 HP
engine driving two ducted fans – is able to travel as fast as 74 km/hour and as
high as 5,000 feet.

Image: AAP