what the cargo drone maker needs to close it — TFN

• Dronamics plans to go public through a SPAC merger on Nasdaq, with a $400 million pre-money valuation.
• The SPAC’s belief is now valued at $99.4 million, down from $287.5 million at its 2024 IPO.
• The deal is structured to generate $100 million in internet money, although it has obtained no PIPE commitments thus far.

Dronamics began when Konstantin Rangelov, an aerospace engineering scholar within the Netherlands on the time, couldn’t discover a Bulgarian cheese within the native market. His brother Svilen didn’t need to ship one other bundle to Europe, so Konstantin recommended a greater method.

12 years on, a dialog turned a plan to go public on the Nasdaq. Dronamics, primarily based in Sofia and a long-range cargo and defence drone specialist, introduced it’s merging with GP-Act III Acqu, a Nasdaq-listed SPAC often known as GPAT.

The deal values Dronamics pre-new funding and suggests an enterprise worth of round $500 million. Present shareholders will retain all their fairness.

“The signing of this enterprise mixture settlement represents an vital milestone for Dronamics as we put together for the subsequent stage of our development. We imagine the Black Swan can create a brand new class in autonomous aviation by combining long-range functionality, significant payload capability and the potential for engaging working economics throughout cargo logistics, nationwide safety and different mission-critical functions. The proposed transaction with GPAT and a Nasdaq itemizing would assist our plans to speed up commercialization, develop manufacturing capability, and launch operations within the US and past,” mentioned Rangelov, co-founder and president of Dronamics.

Tech Funding Information reported on Dronamics again in November 2022 when the EIC awarded the company a €2.5 million grant. In February 2023, they raised $40 million in a pre-Collection A spherical from Founders Manufacturing facility, Speedinvest, Eleven Capital and the Strategic Improvement Fund.

We reported a retail round via SeedBlink in July, after we described Dronamics as London-based. The EIC added another €10 million in equity investment in March 2024 and dedicated up to €30 million from its STEP scale-up programme in June 2025. Asia Air Survey took an undisclosed stake in April 2026.

Dronamics hasn’t disclosed a complete funding determine in its announcement. The corporate is estimated to have raised between $78 million and $93 million.

The SPAC numbers: $99.4 million in belief, $100 million because the objective

The deal is anticipated to ship Dronamics circa $100 million in internet money at closing, after bills. That will come from the PIPE, with the steadiness coming from GPAT’s belief account post-redemptions. The deal features a assure of not less than $25 million in internet money.

GPAT has considerably much less money readily available than its IPO dimension would suggest. It raised $287.5 million in Could 2024. On the Could 12 vote, holders redeemed about $215.4 million in shares (19,776,272 shares), leaving about $97.8 million within the belief, per the October 26 proxy statement.

The belief had $99.4 million at that time. That’s just about the total goal on paper, however the goal is post-deal prices, and GPAT cautions that redemptions might depart solely a really small quantity within the belief.

Dronamics and GPAT are nonetheless in discussions with institutional and strategic traders, and GPAT will disclose any binding commitments in its SEC filings. GPAT’s co-sponsors and several other Dronamics traders have established convertible loans, a few of that are already funded.

The corporate expects the deal to shut in H1 2027, probably after eighth Could.

A cargo airline with defence ambitions, and a whole lot of paper

Dronamics plans to function its personal plane and supply middle-mile cargo providers from under-utilised regional airfields. The Black Swan, a fixed-wing NATO Class III UAS, can carry 350kg over a variety of 2500km, based on the corporate.

Dronamics is Europe’s first licensed cargo drone airline, with codes from each main worldwide aviation our bodies. Hellmann Worldwide Logistics has a binding settlement in place as a key accomplice and goals to offer 30% of Dronamics’ international cargo capability,

Protection traders are throwing considerably extra money at different firms. Quantum Systems raised $1.2 billion at an $8 billion valuation in July, and Tekever raised $580m at $6.4bn in September. Stark raised €500 million at a €3.5 billion valuation in June. Destinus was reported in Could to be in search of €200 million at a valuation in extra of €5 billion.

Dealroom expects European defence startups to raise a record $10.5 billion this year, with $7.4 billion already raised by twentieth September, plus additional rounds equivalent to Hypersonics’ €100 million in November.

Europe’s SPAC comeback is sending blended messages. Pasqal, the quantum start-up which we reported on at its $2 billion SPAC launch, commenced buying and selling on the Nasdaq on 28 August. Einride has also gone public, decreasing its headline valuation from $1.8 billion to $1.35 billion.

Dronamics is after each the cash and the credibility from this deal. The true query is whether or not the general public markets will assist a defence platform earlier than it has any binding buyer contracts.