Columbus Circle Capital Corp II

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".

Columbus Circle Capital Corp II (CMII) reported a net income of $853,252 for the three months ended March 31, 2026, with basic and diluted net income per share of $0.04. The blank check company consummated its Initial Public Offering on February 12, 2026, raising $230,000,000, which, along with private placement proceeds, resulted in $231,052,687 held in its Trust Account. The company's operations are focused on identifying a business combination, with non-operating income primarily from interest on Trust Account investments.