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AIRO Group Holdings, Inc., a diversified aerospace and defense company, said it has entered into a business combination agreement with special purpose acquisition firm Kernel Group Holdings (NASDAQ: KRNLU) to become a publicly listed business.
The company has offices in the United States, Canada, and Europe. It operates through four operating segments – Advanced Avionics, Electric Air Mobility, Uncrewed Air Systems, and Training. They are focused on bringing autonomy, artificial intelligence, and advanced operations to the commercial and military markets.
Nasdaq Listing
The business combination is expected to be completed in the third quarter, and the combined entity is estimated to have an equity value of approximately $847 million on a pro forma basis. After the merger, the new company will be named AIRO Group, Inc. Management has applied to list the shares on the Nasdaq stock market under the ticker symbol AIRO.
Backed by the success of popular brands Aspen Avionics Kab and Air Mobility Jaunt, AIRO Group is currently expanding its global portfolio. For 2023, project management generates $43 million.
Leadership Team
Currently, the AIRO Group is led by chief executive officer Captain Joe Burns who is also a co-founder. Chirinjeev Kathuria, a serial entrepreneur who owns shares in many other companies, will chair the new company’s board of directors – which consists of nine members including Burns, Kernel CEO Suren Ajjarapu, John Uczekaj, and Michael Peterson.
Ocean Biomedical, Inc. (NASDAQ:OCEA) Research Summary
Commenting on the business combination, Suren said, “AIRO leverages decades of industry expertise in the drone services, aviation, and avionics markets to offer a sector-leading company that provides innovative aerospace, urban air mobility, and UAS products and services. We think the combination will generate positive valuations and long-term growth, as we build a mid-market traded aerospace and defense company.
Other major players in this aerospace and defense segment include Joby Aviation Inc (NYSE: JOBY ), Eve Holding Inc (NYSE: EVEX ), and AeroVironment, Inc (NASDAQ: AVAV ). Prior to entering into the merger agreement, Kernel Group Holdings entered into a share backstop pact with an entity managed by Meteora Capital that has an equity interest in the sponsor.
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