Columbus Circle Capital Corp II climbs on Elroy Air take-public deal

Kratos Defense and Security Solutions

26/06/2026 12:26

** SPAC Columbus Circle Capital Corp II's CMII.O shares rise ~4% to $10.37 premarket
** CMII to take U.S.-based cargo drone maker Elroy Air public via definitive merger agreement
** Deal values Elroy Air at $800 million pre-money and a post-transaction enterprise value of about $1 billion
** Combined entity to operate as Elroy Air, targeting Nasdaq listing under ticker "ELRY"
** Over $165 million in committed PIPE capital expected to fund commercial scale production of Chaparral, an eVTOL drone designed to carry 500+ pounds of cargo, with U.S. manufacturing partner Kratos Defense & Security Solutions KTOS.O
** CMII is led by the management team of Inflection Point Asset Management and Cohen & Co COHN.A


 (Reporting by Krisha Bhatt in Bengaluru)
 ((Krisha.Bhatt@thomsonreuters.com;))