Dronamics, a Sofia-based developer of long-range cargo and defense drones, has announced a merger with the Nasdaq-listed SPAC GP-Act III Acqu (GPAT). The transaction values the company at approximately $500 million.
The deal is expected to provide Dronamics with around $100 million in net cash upon closing, with a guaranteed minimum of $25 million. Funding will be sourced from a PIPE investment and the remaining balance in the GPAT trust account.
GPAT raised $287.5 million in its May 2024 IPO. Following shareholder redemptions of $215.4 million in May, the trust held approximately $97.8 million as of October 26.
The company produces the Black Swan, a fixed-wing NATO Class III drone capable of carrying 350kg over a 2500km range. Dronamics is the first licensed cargo drone airline in Europe.
Dronamics has previously secured funding from investors including Founders Factory, Speedinvest, Eleven Capital, and the Strategic Development Fund. It also received grants and equity investments from the EIC.
