Dronamics plans Nasdaq merger at $500m valuation to fund drone expansion

Bulgaria-based Dronamics has agreed to merge with Nasdaq-listed GP-Act III Acquisition Corp in a transaction intended to finance expanded European drone production and a launch of US operations. Announced on November 4, 2026, the agreement assigns Dronamics a $400 million pre-money equity valuation and implies a pro forma enterprise value of about $500 million.

The $500 million figure is a valuation, not the amount being raised. The companies are targeting approximately $100 million in net cash proceeds after transaction expenses to scale production of Dronamics’ Black Swan aircraft, accelerate commercialization and develop logistics and national-security applications.

For the Sofia-headquartered company, the proposed listing links access to American capital with an ambition to operate in the US. It is not yet an operating launch: the supplied announcements identify no US location, opening date or initial deployment.

A financing target, not committed cash

The merger is expected to close in the first half of 2027, subject to GPAT shareholder approval, regulatory requirements and other conditions. Both boards have approved the agreement, and existing Dronamics shareholders are expected to roll over all their equity into the combined company.

The targeted proceeds would combine cash remaining in GPAT’s trust account with a private investment in public equity, or PIPE. The final amount depends on investor commitments and how much cash SPAC shareholders withdraw through redemptions. The agreement includes a minimum cash condition of $25 million, net of expenses—well below the $100 million target.

Tech Funding News reported that GPAT’s trust held $99.4 million, down from $287.5 million at its 2024 IPO, and that no PIPE commitments had been received at the time of its report. Separately, GPAT’s co-sponsors and certain existing Dronamics investors have entered into convertible loan arrangements, part of which is already funded.

That distinction matters for the expansion plan: signing the merger agreement establishes a route to public markets, but does not secure the full production and commercialization budget the companies are seeking.

From European development to US ambitions

Founded in 2014, Dronamics has spent more than a decade developing unmanned aircraft and the infrastructure to operate them commercially. It became Europe’s first licensed cargo drone airline and holds airline designator codes from both IATA and ICAO.

Its financing history includes a $40 million pre-Series A round in February 2023 involving Founders Factory, Speedinvest, Eleven Capital and the Strategic Development Fund. European Innovation Council support included a €2.5 million grant in 2022, a €10 million equity investment in 2024 and a commitment of up to €30 million under its STEP scale-up programme in June 2025, according to Tech Funding News.

The Nasdaq proposal would add a US public-market funding route to that backing. Co-founder and president Svilen Rangelov told Resilience Media that sovereign aerospace requires investors with a long-term horizon and appetite for risk. “We think this is what the US capital markets offer,” he said.

The strategic objective is to fund larger-scale manufacturing and operations while retaining a European manufacturing and technology base. The sources do not announce a US factory or a relocation of production.

Cargo capacity and defense applications

Black Swan is a long-range, fixed-wing NATO Class III unmanned aircraft. Rather than only selling aircraft, Dronamics plans to operate its own cargo fleet and sell middle-mile capacity using regional airfields. Its binding cooperation agreement with Hellmann Worldwide Logistics includes an intention by Hellmann to take at least 30% of Dronamics’ global cargo capacity.

The company estimates that partners could deploy more than 730 Black Swan aircraft under memoranda of understanding, letters of intent and term sheets. Those arrangements indicate potential demand, but should not be treated as a firm aircraft order book.

Dronamics is also adapting Black Swan for military logistics, surveillance and other national-security missions, including an airborne early-warning platform with Hensoldt. Partnerships with Xcalibur Smart Mapping and Asia Air Survey extend its applications into geophysics and geospatial surveying.

The US move therefore concerns more than cargo delivery: Dronamics is seeking capital to commercialize a multi-role aviation platform. The immediate test is whether it can complete the merger and assemble the financing needed to turn that broader strategy into production and operating capacity.