Dronamics, which describes itself as Europe's first licensed cargo drone airline, has agreed to go public on Nasdaq through a business combination with GP-Act III Acquisition Corp. at an implied pro-forma enterprise value of about US$500m, the companies said on 3 November 2026.
Why GP-Act III Acquisition Corp. is buying Dronamics
Founded in 2014 and headquartered in Sofia, Dronamics builds long-range unmanned aircraft for cargo logistics and defence missions. It plans to use the proceeds to scale Black Swan production and accelerate commercial operations. Co-founder and president Svilen Rangelov said the deal "represents an important milestone for Dronamics".
Deal terms and financing
The transaction values Dronamics at US$400m on a fully diluted pre-money basis, and existing shareholders will roll over 100% of their equity. The parties are targeting about US$100m of net proceeds from a PIPE, still under discussion with institutional and strategic investors, and GP-Act III's trust account, subject to redemptions. GP-Act III's co-sponsors and some Dronamics investors have also provided convertible loans.
Regulatory approvals and timing
Completion requires GP-Act III shareholder approval, regulatory approvals and a minimum of US$25m of net cash to Dronamics; it is expected in the first half of 2027.
Market context
GP-Act III is sponsored by GP Investments. Drone and defence-technology companies have been drawing strong investor interest in Europe as governments raise defence spending and logistics groups test unmanned freight.
