Drone startup Elroy Air to list on Nasdaq via $1 billion SPAC deal

Cargo drone startup Elroy Air has agreed to list in the U.S. through ‌a merger ⁠with ⁠blank-check firm Columbus Circle Capital Corp II in a deal valued at roughly $1 billion, the companies said on Friday.

The deal is expected to generate proceeds of at least $165 million from committed investors, with up ⁠to $230 million ‌from the SPAC’s trust account, depending on redemptions.

A SPAC is a ⁠shell company that raises money through an IPO to merge with a private business, allowing it to go public without a traditional IPO.