Dronamics, a Bulgarian developer and operator of long-range unmanned aircraft systems, has entered into a definitive business combination agreement with Nasdaq-listed GP-Act III Acquisition Corp. (GPAT), paving the way for a proposed public listing on Nasdaq. Announced on November 4, 2026, the transaction is expected to provide funding for expanded manufacturing of the company's Black Swan aircraft, accelerated commercial operations and international growth.
The agreement sets Dronamics' pre-money equity valuation at US$400 million on a fully diluted basis, implying a pro forma enterprise value of approximately US$500 million for the combined company. The transaction is targeted to generate around US$100 million in net cash proceeds at closing through a combination of private investment in public equity (PIPE) financing and cash remaining in GPAT's trust account. The proceeds are subject to shareholder redemptions, PIPE commitments and transaction expenses. Existing Dronamics shareholders are expected to roll over all their equity into the combined company.
Dronamics plans to use the funding to increase production capacity for its Black Swan aircraft, a long-range, fixed-wing unmanned platform designed for cargo logistics and multiple mission-critical applications. The company intends to operate the aircraft for middle-mile cargo transportation using regional airports, while also developing its capabilities for military resupply, intelligence, surveillance and reconnaissance, airborne early warning and counter-unmanned aircraft system missions.
The company's manufacturing capabilities also include composite production, aircraft assembly and testing. Developed through a vertically integrated model spanning research and development, manufacturing and airline operations, these capabilities support the development of its unmanned aircraft platforms. Alongside the Black Swan, Dronamics is developing the smaller Black Cygnet tactical drone for civil protection and national security applications.
Dronamics has established commercial and technology partnerships to support its expansion. Its agreement with Hellmann Worldwide Logistics identifies the logistics company as a priority partner intending to contribute at least 30% of Dronamics' global cargo capacity. The company also estimates that more than 730 Black Swan aircraft are represented across partner memoranda of understanding, letters of intent and term sheets in the cargo segment. In defense, its collaboration with HENSOLDT focuses on developing an unmanned airborne early warning platform. Additional partnerships with Xcalibur Smart Mapping and Asia Air Survey address airborne geophysics, geospatial surveying and civil protection applications.
“The signing of this business combination agreement represents an important milestone for Dronamics as we prepare for the next stage of our growth. We believe the Black Swan can create a new category in autonomous aviation by combining long-range capability, meaningful payload capacity and the potential for attractive operating economics across cargo logistics, national security and other mission-critical applications. The proposed transaction with GPAT and a Nasdaq listing would support our plans to accelerate commercialization, expand manufacturing capacity, and launch operations in the US and beyond,” said Svilen Rangelov, Co-Founder and President of Dronamics.
The proposed transaction has been approved by the boards of directors of both companies and is expected to close in the first half of 2027. Completion remains subject to GPAT shareholder approval, regulatory clearances, financing requirements and other customary closing conditions. Following completion, the combined company is expected to trade on Nasdaq.
Source: Dronamics | News
