Columbus Circle Capital to merge with Elroy Air in $1.0B deal

Columbus Circle Capital Corp II (CMII), a SPAC, has entered into a definitive Business Combination Agreement with Elroy Air, Inc., a developer of autonomous heavy-cargo drones. The transaction values Elroy Air at $800 million pre-money equity, resulting in a post-transaction enterprise value of approximately $1.0 billion. The deal includes over $165 million in committed PIPE capital, with $65 million pre-funded concurrently with the signing. The Business Combination is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals, after which the combined company will be renamed Elroy Air, Inc. and listed on Nasdaq under the ticker symbol "ELRY".