Elroy Air and Columbus Circle Capital Corp announced today that they have entered into a definitive business combination agreement (BCA) whereby Elroy Air will become a publicly traded company.
“The proposed transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including regulatory and shareholder approval,” according to an Elroy Air press release. “The transaction values Elroy Air at USD800 million pre-money, and has more than USD165 million in committed PIPE capital, which is expected to fully fund commercial scale production of the Chaparral with U.S. manufacturing partner Kratos Defense & Security Solutions. USD65 million of the more than USD165 million PIPE is funding in connection with the execution of the BCA. Post-transaction, Elroy Air is expected to have an enterprise value of approximately USD1.0 billion.
Elroy Air’s autonomous heavy-cargo transport Chaparral is an advanced vertical takeoff and landing (VTOL) drone designed to carry 500 plus pounds of cargo. The aircraft was engineered with a hybrid-electric powertrain to deliver the reliability of electric propulsion but with extended range of up to 450 miles and with no charging infrastructure required. Chaparral features multi-mission pods that enable rapid reconfiguration across diverse payload types and customer needs, unlocking a significant global total addressable market spanning defense, commercial logistics, and rapid response.
For more information
https://elroyair.com/company/news/press-releases/elroy-air-to-go-public/
(Image: Elroy Air)