Autonomous aviation company Dronamics unveiled plans Wednesday to enter the public markets through a merger with special purpose acquisition company GP-Act III Acquisition Corp., a transaction carrying an implied pro forma enterprise value of $500 million.

The deal, advised by Paul Hastings LLP for Dronamics and Skadden Arps Slate Meagher & Flom LLP for GP-Act III, could provide the aircraft maker with a major financial runway as it prepares to scale its technology and push toward commercial operations.

The transaction includes a private investment in public equity, or PIPE, financing. Combined with cash remaining in GP-Act III’s trust account, the arrangement is expected to deliver approximately $100 million in net cash proceeds to Dronamics at closing, the company said in a Wednesday announcement.

Dronamics' $500M SPAC Deal Aims to Accelerate Black Swan Production

Dronamics designs and manufactures long-range unmanned aircraft for commercial cargo operations, national security, critical minerals exploration and sovereign aerospace applications.

At the center of its ambitions is the Black Swan, a long-range, fixed-wing NATO Class III unmanned aircraft that the company is currently producing. The aircraft is designed to serve multiple roles, positioning Dronamics to pursue opportunities across logistics and other mission-critical markets.

The merger proceeds are expected to help the company expand Black Swan production, accelerate commercial operations and advance its growth in autonomous logistics, national security, critical minerals exploration and sovereign airspace.

“The signing of this business combination agreement represents an important milestone for Dronamics as we prepare for the next stage of our growth,” Dronamics co-founder and President Svilen Rangelov said.

“We believe the Black Swan can create a new category in autonomous aviation by combining long-range capability, meaningful payload capacity and the potential for attractive operating economics across cargo logistics, national security and other mission-critical applications.”

SPAC Merger Could Open Door to Nasdaq Listing

GP-Act III is a special purpose acquisition company, commonly known as a SPAC or blank-check company. Such entities raise money through an initial public offering with the goal of acquiring a private business and bringing it onto the public market.

The combined company is expected to trade on Nasdaq, according to Dronamics. The listing is intended to support the company’s plans to speed up commercialization and increase manufacturing capacity.

GP-Act III CEO Antonio Bonchristiano said the company sees potential in Dronamics’ aircraft platform and its range of applications.

“Dronamics has developed a differentiated, large unmanned aircraft platform with applications across cargo logistics, defense and airborne surveying,” Bonchristiano said. “Our conviction is grounded in the Black Swan’s multi-role capabilities, the Company’s relationships with established partners and the opportunity to scale the platform globally.”

The transaction is expected to close in the first half of 2027.