on Volatus Aerospace Corp. (isin : CA92865G1054)
Drone Delivery Canada and Volatus Aerospace Announce Merger Creating Global Drone Leader
Drone Delivery Canada Corp. (DDC) and Volatus Aerospace Corp. have agreed to merge, forming a leading global player in drone technology and services. The merged entity will retain the name Volatus Aerospace Corp., with DDC continuing as the brand for cargo operations. Both companies' boards have approved the deal, set to conclude in Q3 2024, subject to TSX Venture Exchange approval.
The combined company aims to be cash flow neutral by Q4 2024 and profitable by 2025. Glen Lynch, CEO of Volatus, will lead the new entity, with Steve Magirias, CEO of DDC, as COO. The merger will boost commercialization efforts immediately, leveraging DDC's $40 million investment in drone cargo solutions and Volatus' market reach.
Volatus shareholders will receive 1.785 DDC shares for each Volatus share. The deal is positioned to offer significant cost synergies and expand the combined company's market reach across various sectors, including Advanced Air Mobility.
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