Elroy Air to Go Public Via SPAC Combination

Dow Jones

Jun 26

The autonomous heavy-cargo drone maker Elroy Air is set to hit the public markets by merging with a special purpose acquisition company.

Blank-check company Columbus Circle Capital said Friday that it would combine with Elroy in a deal set to close in the fourth quarter.

The transaction values Elroy at $800 million pre-money and has more than $165 million in committed capital, which will be used to fund commercial-scale production of Chaparral, its advanced vertical takeoff and landing drone.

After the deal closes, Elroy is expected to have an enterprise value of about $1 billion and be listed on Nasdaq under the symbol ELRY.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

June 26, 2026 07:29 ET (11:29 GMT)

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Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CMII","symbol_name":"Columbus Circle Acquisition Corp. 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