The transaction values the San Francisco-based company at $800 million on a pre-money basis, with $165 million in committed capital earmarked to accelerate production of the Chaparral. This vertical takeoff and landing drone is designed to transport heavy payloads, a niche the company aims to dominate as it scales operations. Once the merger concludes in the fourth quarter, the combined entity is projected to hold an enterprise value of approximately $1 billion. Shares are slated to trade on the Nasdaq exchange under the ticker symbol ELRY.
Elroy Air Targets Nasdaq Listing in $1 Billion SPAC Merger
Autonomous heavy-cargo drone developer Elroy Air is moving toward a public listing through a merger with Columbus Circle Capital. The blank-check firm confirmed the deal on Friday, setting the stage for the aviation startup to transition from specialized prototype development to large-scale commercial manufacturing by the end of the year.
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