Dronamics has entered into a definitive business combination agreement with GP-Act III Acquisition Corp., a Nasdaq-listed SPAC. The company designs and builds long-range unmanned aircraft for cargo, defense, and other missions. The proposed transaction implies a pro forma enterprise value of about US$500 million.
Transaction terms
The agreement reflects a US$400 million pre-money equity value for Dronamics. Existing Dronamics shareholders are expected to roll over 100% of their equity into the combined company. The deal is targeted to provide about US$100 million in net cash proceeds at closing through PIPE financing and cash held in GPAT's trust account.
Company and partners
Dronamics is headquartered in Sofia, Bulgaria, and was founded in 2014. It holds an EU drone airline license and international airline designator codes from IATA and ICAO. The company has relationships with Hellmann Worldwide Logistics, HENSOLDT, Xcalibur Smart Mapping, and Asia Air Survey.
Aircraft and uses
The Black Swan is a long-range, fixed-wing NATO Class III unmanned aircraft. Planned applications include cargo logistics, military resupply, ISR, airborne early warning, and counter-UAS missions. Dronamics is also developing the Black Cygnet tactical drone for civil protection and national security.
The combined company is expected to list on Nasdaq. Completion requires GPAT shareholder approval, regulatory clearances, and satisfaction of other closing conditions. The transaction is expected to close in the first half of 2027.