Back in Oct 2017 DRO announced it had engaged Mesirow Financial...

Back in Oct 2017 DRO announced it had engaged Mesirow Financial 'to assist us with our strategic discussions with a range of industry participants' (see below).

Headquartered in Chicago, Mesirow Financial Holdings, Inc. (“Mesirow”), the parent of Mesirow Financial, has 17 offices worldwide, including major offices in New York, Miami, San Francisco, London and Hong Kong. Mesirow has an 80-year history, approximately 600 employees and approximately US$33 billion in assets under management. Aerospace and defence is one of Mesirow Financial’s core investment banking competencies, and transactions it advised on recently included a sale of Star Aviation to Carlisle, a sale of Armstrong Aerospace to Astronics, and a sale of Enviro Systems to Zodiac Aerospace.
Oleg Vornik, DroneShield’s Managing Director and CEO, said, “In selecting Mesirow Financial out of the options available to us, to assist us with our strategic discussions with a range of industry participants, we carefully considered the importance of having this strong aerospace and defence brand on our side, as well as their track record in this industry. Having a credible and experienced defence industry investment bank on our side in discussions with larger industry participants is of substantial value to us.

From Mesirow's website:

Mesirow Financial's Investment Banking team is a collective group of dedicated and relationship-driven bankers focused on serving the middle market. We specialize in providing merger and acquisition advisory services, both domestically and abroad, across a wide range of industry sectors. We serve as a trusted advisor to entrepreneurs, financial sponsors and large corporations by providing highly creative and sophisticated solutions that maximize corporate value and growth.
At Mesirow, our clients’ interests always come first. Our clients benefit from the global platform and resources of a large organization with the personalized service and attention of a boutique firm. We work closely with each and every client to successfully develop and execute a customized transaction process reflective of their key objectives. Our team is dedicated to delivering the best service, analysis and outcome, from engagement to closing.

All I'm saying is that a short while back DRO engaged this mob to assist DRO with 'strategic discussions' with a range of industry participants. That part's a fact. There is nothing that points to this assistance as being product sales related, but plenty pointing to merger/acquisition advisory services, and as far as I can see, always representing the vendor side.

Mesirow states that they mostly focus on (representing the vendor in) acquisitions and mergers in the defence industry. Recent projects of theirs at the time all consisted of vending their clients' businesses to much larger defence businesses.

I could be wrong but reading between the lines I think DRO is looking at least to partner with a larger defence organisation that already has the customers and sales channels that DRO seems to struggle developing. If it gave them access to (and credibility with) an existing customer base already spending in this space at the same time as a cornerstone investor (or company they merge with), that'd be a pretty good move for share holders and the company itself right?

I think DRO's inventory levels and assets held are beside the point, it's all about their IP imo.

And if I'm not right about a merger or cornerstone investor such as a large defence co buying in, I think they may even consider negotiating the sale of the business (or parts thereof, but more likely the whole thing) at some stage to a large defence org who will benefit from the IP and not need a customer base or sales channels as they have their own already. If DRO is struggling so far to sell product in this market and vending the business attracts an offer at a premium to the current SP for share holders, it's not totally unrealistic this could be an option they're considering.

Just my opinion obviously but I'm betting they didn't engage Mesirow for shits and giggles.