Dronamics Agrees SPAC Deal With GP-Act III for Nasdaq Listing at $400 Million Pre-Money

Dronamics Group Limited and GP-Act III Acquisition Corp. have signed a definitive business combination agreement that would list the cargo drone developer on Nasdaq at a $400 million pre-money equity value, implying a pro-forma enterprise value of about $500 million. EIN Presswire announced the deal on November 4, 2026.

Dronamics' $100 Million Cash Target

The proposed transaction is targeted to provide approximately $100 million in net cash proceeds to Dronamics at closing, after aggregate transaction expenses, through a combination of PIPE financing and cash remaining in GPAT's trust account, subject to shareholder redemptions and PIPE commitments. The BCA includes a minimum cash condition requiring at least $25 million to be added to Dronamics' balance sheet at closing, net of aggregate transaction expenses.

Existing Dronamics shareholders are expected to roll over 100% of their equity into the combined company. GPAT's co-sponsors and certain existing Dronamics investors have entered into convertible loan financing arrangements, a portion of which has already been funded. Dronamics and GPAT are in discussions with institutional investors and certain strategic partners about potential PIPE participation, and any binding commitments will be disclosed in GPAT's SEC filings.

Proceeds are intended to scale production of the Black Swan aircraft, accelerate commercial operations and support growth across autonomous logistics, national security, critical minerals exploration and sovereign aerospace. Dronamics is Europe's first licensed cargo drone airline, holding international airline designator codes from IATA and ICAO.

Svilen Rangelov, Co-Founder and President of Dronamics, said: "The signing of this business combination agreement represents an important milestone for Dronamics as we prepare for the next stage of our growth."

Antonio Bonchristiano, Chief Executive Officer of GP-Act III Acquisition Corp., said: "Dronamics has developed a differentiated, large unmanned aircraft platform with applications across cargo logistics, defense and airborne surveying."

Dronamics' Funding History

According to akta.pro company records, Dronamics has raised total funding of $110.8 million across 15 rounds, with the most recent a corporate-funded round in April 2026 led by Asia Air Survey.

The same records show Dronamics was selected for up to €30 million under the European Innovation Council's Strategic Technologies for Europe Platform (STEP), supplementing an earlier €10 million EIC equity investment in March 2024 and a €2.5 million EIC grant in November 2022.

Dronamics' Defense and Airspace Deals

In September 2026, Dronamics was selected for the SESAR IRINA2 project to integrate large drones into European airspace, with live flights of its Black Swan platform, sUAS News reported. In August 2026, HENSOLDT and Dronamics announced a strategic partnership to develop a European-made unmanned airborne platform for ISTAR operations, according to Aviationnews.

Dronamics' First-Half 2027 Closing Target

The proposed transaction, approved by the boards of GPAT and Dronamics, is expected to close in the first half of 2027, subject to approval by GPAT's shareholders, receipt of required regulatory and other approvals and satisfaction or waiver of the other closing conditions set forth in the BCA, including the minimum cash condition. Additional information, including a copy of the BCA, will be included in a Current Report on Form 8-K to be filed by GPAT with the SEC.