Cargo drone developer and long-range unmanned aircraft pioneer Dronamics is set to become a publicly traded company on the Nasdaq stock exchange. The milestone comes following a definitive business combination agreement announced on November 4, 2026, with GP-Act III Acquisition Corp. (Nasdaq: GPAT), a publicly traded special purpose acquisition company.

The transaction values Dronamics at $400 million on a pre-money equity basis, translating to a pro forma enterprise value of approximately $500 million. Existing shareholders of the Sofia, Bulgaria-headquartered company have agreed to roll over 100% of their equity holdings into the newly combined entity. The capital raised through this major financial maneuver is earmarked for scaling the production of the company’s flagship Black Swan aircraft, accelerating commercial operations, and launching long-awaited operations in the United States and other international markets.

Beyond commercial cargo logistics, the infusion of capital will support the company’s broader expansion into autonomous logistics, national security, critical minerals exploration, and sovereign aerospace. Both the Dronamics and GPAT boards of directors have unanimously approved the transaction, which remains subject to approval by GPAT shareholders, regulatory clearance, and other customary closing conditions. The companies anticipate that the deal will officially close in the first half of 2027.

Dronamics Nasdaq Transaction Terms and Financing Structure

Under the terms of the definitive agreement, the merging entities are targeting approximately $100 million in net cash proceeds for Dronamics upon the final closing of the transaction, calculated after accounting for transaction expenses. This financial injection is expected to be sourced through a combination of private investment in public equity (PIPE) financing and cash currently remaining inside GPAT’s trust account. However, this pool of capital remains subject to potential shareholder redemptions and finalized PIPE commitments.

To ensure financial stability through the closing process, the agreement incorporates a minimum cash condition requiring at least $25 million in net cash, free of expenses. Additionally, GP_Act III Acquisition Corp.’s co-sponsors alongside select existing Dronamics investors have entered into convertible loan financing arrangements, a portion of which has already been funded to support ongoing operational needs.

Svilen Rangelov, co-founder and president of Dronamics, emphasized the strategic weight of the agreement for the firm’s trajectory.

"The signing of this business combination agreement represents an important milestone for Dronamics as we prepare for the next stage of our growth," Rangelov stated. "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."

Antonio Bonchristiano, chief executive of GP-Act III Acquisition Corp., echoed this enthusiasm, highlighting the multi-role versatility that separates Dronamics from traditional aerospace startups.

"Dronamics has developed a differentiated, large unmanned aircraft platform with applications across cargo logistics, defense and airborne surveying," Bonchristiano said. "Our conviction is grounded in the Black Swan’s multi-role capabilities, the Company’s relationships with established partners and the opportunity to scale the platform globally. Following the signing of the BCA, we look forward to working with Svilen and the Dronamics team to complete the transaction and support the Company’s next phase of growth."

Black Swan and Black Cygnet Platforms Drive Multi-Sector Strategy

At the core of Dronamics’ market proposition are its proprietary unmanned aircraft platforms, designed to address heavy-duty logistics and surveillance needs without the high operational costs associated with traditional crewed aviation.

The primary vehicle, the Black Swan, is a long-range, fixed-wing NATO Class III unmanned aircraft engineered for versatile operational profiles. In the commercial cargo sector, Dronamics operates an innovative business model wherein it acts as an airline, utilizing its own aircraft and selling middle-mile capacity. By leveraging underused regional airfields, the company aims to bypass congested major hubs and drastically reduce delivery times and transit costs for logistics providers. Dronamics’ operational legitimacy is underscored by its rare achievement of holding official airline designator codes from both the International Air Transport Association (IATA) and the International Civil Aviation Organization (ICAO).

Simultaneously, the company is positioning the Black Swan for national security and defense applications. These mission-critical use cases include military resupply, contested logistics, intelligence, surveillance, and reconnaissance (ISR), airborne early warning, and functioning as a drone mothership for counter-unmanned aerial systems (counter-UAS) operations.

Complementing the larger Black Swan is the Black Cygnet, a smaller NATO Class I long-endurance aircraft specifically tailored for civil protection and national security missions. Demonstrating its operational readiness, the Black Cygnet recently completed search and rescue as well as ISR missions during a NATO exercise, successfully carrying an integrated partner sensor payload.

Strategic Partnerships Across Logistics and Defense Sectors

Dronamics has built a robust network of partnerships to validate its technology and secure future revenue streams across multiple industries.

In the cargo and freight sector, the company maintains a binding cooperation agreement with Hellmann Worldwide Logistics, a global logistics leader that intends to utilize at least 30% of Dronamics’ global cargo capacity. Furthermore, market demand appears strong; Dronamics estimates that various partners will deploy more than 730 Black Swan aircraft under existing memoranda of understanding (MOUs), letters of intent, and term sheets dedicated solely to the cargo vertical.

In the defense and specialized surveillance arenas, Dronamics has forged strategic alliances to integrate advanced payloads. The company is currently collaborating with defense technology firm HENSOLDT to develop an unmanned airborne early warning platform. In the fields of geophysics and geospatial intelligence, Dronamics partners with Xcalibur Smart Mapping for airborne geophysics and with Asia Air Survey for advanced geospatial surveying. Asia Air Survey notably deepened its ties with the drone developer by becoming an investor when Dronamics officially opened its Japan subsidiary in April 2026.

Founded in 2014, Dronamics has spent over a decade refining its autonomous aviation technology from its base in Sofia. With the prospective backing of a Nasdaq listing and a substantial influx of growth capital through the GPAT merger, the company is positioning itself to scale its manufacturing footprint and transition its long-range autonomous cargo and defense concepts into a global commercial reality.