Cargo drone startup Elroy Air nears an $800m SPAC deal
The maker of the autonomous Chaparral is in advanced talks to go public through a blank-cheque merger valuing the combined company at about $1bn.
The SPAC, declared dead more than once over the past few years, keeps finding new uses, and the latest is a cargo drone.
Elroy Air, a California startup that wants to replace some delivery trucks with autonomous aircraft, is in advanced talks to go public through a merger with a blank-cheque vehicle.
The deal would create a company with an enterprise value of about $1bn, and could be announced as soon as that day.
The counterparty is Columbus Circle Capital Corp. II, a special-purpose acquisition company led and backed by the management team of Inflection Point Asset Management.
The raise associated with the transaction is around $800m though the precise structure had not been disclosed at the time the talks were described.
Elroy Air’s product is...
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