Dronamics to list on Nasdaq via $500 mn SPAC merger

Dronamics Group, a developer and operator of long-range unmanned aircraft, has signed a definitive business combination agreement with GP-Act III Acquisition Corp (Nasdaq: GPAT), a publicly traded special purpose acquisition company. Once the deal closes, the combined company is expected to list on Nasdaq.

The agreement values Dronamics at $400 million pre-money on a fully diluted basis. That implies a pro-forma enterprise value of about $500 million. Existing Dronamics shareholders are expected to roll over all of their equity into the combined company.

The transaction aims to give Dronamics about $100 million in net cash at closing, after transaction expenses. The money will come from a PIPE (private investment in public equity) and the cash remaining in GPAT’s trust account, depending on shareholder redemptions and PIPE commitments. The agreement includes a minimum cash condition of $25 million. Dronamics and GPAT are in discussions with institutional investors and strategic partners about joining the PIPE. Separately, GPAT’s co-sponsors and some existing Dronamics investors have entered into convertible loan arrangements, part of which has already been funded.

Both boards have approved the deal. It is expected to close in the first half of 2027, subject to GPAT shareholder approval and regulatory clearances.

This story was originally published by STAT Times. Read the full story at STAT Times →