A tech startup that built an unmanned aerial vehicle for the U.S. military and eventually sold it off to the government has gone private.
Reko Industries announced the move Tuesday, the same day it filed for bankruptcy protection.
Reko Technologies CEO Scott Tackett told The Verge that he and other employees sold their shares for $2 million in an auction.
They will now own Reko’s remaining shares, which were valued at about $5 million at the time of the auction.
Tackett says the company has been working on a new version of the Reko, which he says will be smaller, quieter and easier to use.
He said he has not decided what Reko will name it yet.
“The world has changed, and we’ve just taken it one step further into the unknown,” he said in a statement.
“I’m excited to share our journey to the future with the world and hope that you will too.”
Tacketti said Reko expects to start manufacturing drones for the government in the next few years.
He added that the company would continue to make products for the private sector, but only as long as they meet certain requirements.