Columbus Circle Capital Corp II Announces Elroy Air Was Awarded an Up to $46M Contract with U.S. Army
Elroy Air Awarded $46M U.S. Army Contract
Elroy Air, the pending acquisition target of CMII, secured a $46 million multi-year contract with the U.S. Army to advance the development of its Chaparral autonomous heavy-lift VTOL drone. The contract focuses on enhancing payload delivery mechanisms and survivability in contested environments, providing a strong validation of the target's technology and defense market fit. Elroy Air plans to commence U.S. manufacturing of the Chaparral later this year through an exclusive partnership with Kratos Defense (KTOS).
Elroy Air and Columbus Circle Capital Corp II Announce Confidential Submission of Draft Registration Statement on Form S-4 in Connection with Proposed Business Combination
Columbus Circle Capital Corp II (CMII) M&A Call Transcript
Elroy Air to Become Publicly Traded Company via Business Combination with Inflection Point-led SPAC
Columbus Circle Capital Corp II (CMII) announced a definitive business combination agreement with Elroy Air, a developer of autonomous heavy-cargo drones for defense and commercial logistics. The transaction values Elroy Air at a pre-money equity value of $800 million and includes over $165 million in committed PIPE capital from investors including Inflection Point and existing Elroy Air investors. Upon closing in the fourth quarter of 2026, the combined company will list on Nasdaq under the ticker symbol 'ELRY' and aims to scale production of its Chaparral VTOL drone to meet a demand pipeline exceeding 1,400 aircraft.
