Columbus Circle Capital II to take Elroy Air public in deal valuing drone maker at $1 billion

Columbus Circle Capital Corp II Class A

CMII

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Elroy Air agreed to merge with Columbus Circle Capital Corp II in a deal valuing Elroy at USD 800 million pre-money.
Transaction implies a post-deal enterprise value of about USD 1 billion; closing targeted for Q4 2026.
More than USD 165 million of committed PIPE financing backs the deal; USD 65 million funded at signing.
Combined company to operate as Elroy Air; expected Nasdaq ticker “ELRY.”
Proceeds earmarked to scale production of Elroy’s Chaparral heavy-cargo drone, with manufacturing planned through Kratos.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Columbus Circle Capital Corp II published the original content used to generate this news brief via Business Wire (Ref. ID: 202606260600BIZWIRE_USPR_____20260626_BW329975) on June 26, 2026, and is solely responsible for the information contained therein.

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