UPDATE 1-Drone startup Elroy Air to list on Nasdaq via $1 billion SPAC deal

Lockheed Martin Corporation
Columbus Circle Capital Corp II Class A

Lockheed Martin Corporation

LMT

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Columbus Circle Capital Corp II Class A

CMII

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Updates throughout with new sourcing, adds details and context; Changes media packaging code to ELROY AIR-M&A/COLUMBUS CIRCLE CAPITAL from ELROY AIR-IPO/

June 26 (Reuters) - Cargo drone startup Elroy Air has agreed to list in the U.S. through a merger with blank-check firm Columbus Circle Capital Corp II CMII.O in a deal valued at roughly $1 billion, the companies said on Friday.


Here are some details:

  • The deal is expected to generate proceeds of at least $165 million from committed investors, with up to $230 million from the SPAC's trust account, depending on redemptions.

  • A SPAC is a shell company that raises money through an IPO to merge with a private business, allowing it to go public without a traditional IPO.

  • Elroy Air, which is developing autonomous heavy-cargo drones for defense, rapid response and commercial logistics, expects to be listed on the Nasdaq under the ticker symbol "ELRY."

  • It intends to use the proceeds to accelerate its technology and platform development, enable strategic M&A, and hire talent in software and hybrid-electric systems.

  • The companies expect the deal to close in late 2026.

  • Bloomberg News first reported the news earlier on Friday.


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