Dronamics plans to go public in US market

Dronamics plans to go public through a merger with a special purpose acquisition company, helping the drone developer and operator grow its cargo operations. "We have done so much of the hard part privately over the years: the first EU license, first flights, IATA and ICAO codes, a defense variant, several prototypes, Tier 1 partners," Severina Grozeva-Patrone, vice president of communications and public affairs at Dronamics, told Cargo Facts . [caption id="attachment_57299832" align="aligncenter" width="1920"] A Dronamics Black Swan cargo drone. (Courtesy/Dronamics)[/caption] "Access to the largest capital pool in the world helps accelerate production, run pilot projects and expand into new markets," she said. Bulgaria-based Dronamics announced Nov. 4 that it has entered into a definitive agreement with the Nasdaq-listed GP-Act III Acquisition Corp. (GPAT) and aims to close the deal in the first half of 2027. GPAT did not respond to requests for comment from Cargo Facts , but Chief Executive Antonio Bonchristiano said in a release that the New York-based company was attracted to Dronamics' acceleration in the uncrewed aircraft sector. Cargo operations Dronamics plans to use the money raised to scale production of its Black Swan cargo drone and accelerate commercial operations in autonomous logistics and national security, according to the company. "For cargo customers, the goal hasn’t changed since Day One: same-day middle-mile delivery at close-to-road cost, using regional airfields that already exist," Dronamics co-founder and CEO Svilen Rangelov told Cargo Facts . The Black Swan has a: 350-kilogram payload capacity; 2,500-kilometer range; More than 30,000-foot maximum altitude; and 200-kilometer-per-hour cruise speed. Dronamics became the European Union's first licensed cargo drone airline when it was granted a Light UAS Operator Certificate in May 2022 by the Transport Malta Civil Aviation Directorate. The company was assigned designator codes by IATA and IACO in July 2023. Dronamics continues to work toward full commercial airline operations . More than 730 Black Swans are estimated to be deployed with partners for cargo operations, according to Dronamics. Going public GPAT is a special purpose acquisition company (SPAC), which is a publicly traded shell company created to raise money through an initial public offering (IPO) before merging with or acquiring a private company. By merging with a SPAC instead of taking a more traditional IPO route, a private company can become publicly listed more quickly with more predictable pricing, according to PwC US. "We looked for the route that would give us access to U.S. capital markets, alongside a partner that understands what we’re building," Rangelov said. "A business combination lets us work directly with a sponsor that is excited about the Black Swan and its multi-role potential. Being listed on Nasdaq also matters as we build our U.S. presence." The agreement provides for a $400 million pre-money equity value for Dronamics, according to the company. Dronamics is listed indirectly on the Bulgarian Enterprise Accelerator Market (BEAM), part of the Bulgarian Stock Exchange (BSE), through special purpose vehicle (SPV) Dronamics Capital. An SPV is a legal entity created to isolate financial risk, pool capital or securitize assets, according to fintech Carta. Dronamics shareholders are expected to roll over 100% of their equity into the combined company, according to Dronamics. More specific plans will be communicated to shareholders through the BSE. "We want to make sure BEAM investors hear it first through those official channels," Rangelov said. Cargo Facts LATAM 2027, the essential event for stakeholders in Latin America, will take place Feb. 10-12 at the Marquis Reforma in Mexico City. Learn more and register by Jan. 8 to take advantage of early-bird pricing.

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