Elroy Air, Columbus Circle Capital Corp II Submits Proposal for Business Combination
Dow Jones
Aug 11
Elroy Air and Columbus Circle Capital Corp II, a special purpose acquisition company led by Inflection Point Asset Management, said it submitted a proposed business combination to the U.S. Securities and Exchange Commission.
The companies said under the agreement, Elroy Air will become a publicly traded company.
The transaction values Elroy Air, a technology developer of drones, at $800 million pre-money, and the company is expected to have an enterprise value of approximately $1 billion following closing.
The combined company will take on the Elroy Air name and expects to be listed on the Nasdaq under the ticker symbol ELRY, the companies said.
If approved, the transaction is expected to close in the fourth quarter.
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