Dronamics Group and GP-Act III Acquisition Corp have announced that they have entered into a definitive business combination agreement (BCA). “Upon completion of the Proposed Transaction, the combined company is expected to be listed on Nasdaq, with transaction proceeds intended to scale production of Dronamics’ Black Swan aircraft, accelerate commercial operations and support the Company’s growth across autonomous logistics, national security, critical minerals exploration and sovereign aerospace,” said Dronamics in a press release.
Dronamics is a European licensed cargo drone airline, with international airline designator codes from both the International Air Transport Association (IATA) and the International Civil Aviation Organization (ICAO). Dronamics’ Black Swan is a long-range, fixed-wing NATO Class III unmanned aircraft designed for multiple missions. “For cargo logistics, the company plans to operate its own aircraft and sell middle-mile cargo capacity, leveraging existing, often underutilized regional airfields. In national security, the Black Swan is being developed for military resupply and contested logistics, intelligence, surveillance and reconnaissance (ISR), airborne early warning (AEW) and drone mothership counter-unmanned aircraft system (counter-UAS) applications.”
“The BCA provides for a USD400 million pre-money equity value for Dronamics on a fully diluted basis, implying an estimated pro-forma enterprise value of approximately USS 500 million. Existing Dronamics shareholders are expected to roll over 100% of their equity into the combined company,“ said the company. “The Proposed Transaction is targeted to provide approximately US$100 million in net cash proceeds to Dronamics at closing, after aggregate transaction expenses, through a combination of PIPE financing and cash remaining in GPAT’s trust account, subject to shareholder redemptions and PIPE commitments. The BCA includes a minimum cash condition requiring at least USD25 million to be added to Dronamics’ balance sheet at closing, net of aggregate transaction expenses, subject to the terms and conditions of the BCA.”
Alongside the Black Swan, Dronamics is developing the Black Cygnet tactical drone platform – a smaller, NATO Class I long-endurance aircraft aimed at civil protection and national security missions. It was recently demonstrated as part of a NATO exercise for search and rescue and ISR missions, carrying an integrated partner sensor, and is being developed for further applications, leveraging the vertically integrated capabilities in aircraft design, composite manufacturing, assembly and testing that the Company has built over the past 12 years.
For more information
https://www.dronamics.com/post/dronamics-to-go-public-through-business-combination-with-gp-act-iii-acquisition-corp