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Sofia-based cargo drone maker Dronamics agrees a deal that could take it to Nasdaq

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Large fixed-wing unmanned cargo aircraft parked on an airfield runway under an overcast sky Investments
Large fixed-wing unmanned cargo aircraft parked on an airfield runway under an overcast sky

The business combination with GP-Act III Acquisition Corp. could bring Dronamics about USD 100 million in cash to expand production of its Black Swan aircraft; completion is expected in the first half of 2027.

Dronamics, a Sofia-based developer and manufacturer of unmanned cargo aircraft, has signed an agreement with US-listed GP-Act III Acquisition Corp. (Nasdaq: GPAT) for a proposed business combination that could result in the combined company being listed on Nasdaq, BTA reported on 4 November.

The deal is expected to provide Dronamics with about USD 100 million in cash after expenses. The company plans to use the money to increase production of its Black Swan cargo aircraft, expand commercial operations and develop activities in autonomous logistics, national security, critical minerals exploration and sovereign aerospace. The exact amount will depend on the final financing arrangements, and at least USD 25 million in cash after expenses must be available to Dronamics at completion.

Completion is expected in the first half of 2027, subject to approval by GPAT shareholders and regulatory clearances. GP-Act III is a special purpose acquisition company, a listed shell company set up to merge with a private business.

Founded in 2014, Dronamics describes itself as Europe's first licensed cargo drone airline and holds airline designator codes issued by IATA and ICAO. Its main aircraft, the Black Swan, is a long-range, fixed-wing drone designed to carry cargo. It is also being developed for military supply deliveries, surveillance, early warning and operations involving other drones. A smaller model, the Black Cygnet, is intended for civil protection and security missions and was recently demonstrated in a NATO exercise involving search and rescue and surveillance.

Co-founder and President Svilen Rangelov said the agreement was an important step towards expanding production, bringing the aircraft into wider commercial use and launching operations in the United States and other markets. "We believe the Black Swan can create a new category in autonomous aviation," he said.

GP-Act III chief executive Antonio Bonchristiano said his company's conviction was grounded in the Black Swan's multi-role capabilities, Dronamics' relationships with established partners and the opportunity to scale the platform globally.

Sources