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Eric Trump-Backed Drone Firm Eyes Public Market
21 Aug
Summary
- Drone company Space-Eyes merges with McKinley Acquisition Corp.
- Deal values combined entity at $638 million.
- New board includes former Delta Force officer and ex-Morgan Stanley exec.
Drone technology firm Space-Eyes is set to become a public company through a SPAC merger with McKinley Acquisition Corp., a deal valued at $638 million. The Miami-based research and development company focuses on AI-powered geospatial intelligence and counter-drone technologies for governmental agencies.
The merger is anticipated to conclude in the fourth quarter. As part of its transition to a public entity, Space-Eyes is bolstering its board with individuals possessing significant experience in national security, defense, finance, and corporate governance. These appointments aim to support the company's planned expansion into manufacturing and global sales.
Notable upcoming board members include retired U.S. Army Lieutenant Colonel Jim Reese, formerly with Delta Force, and Terry Meguid, ex-head of worldwide investment banking at Morgan Stanley. Eric Trump, a strategic advisor and significant investor in Space-Eyes, assisted in identifying potential board candidates but will not serve on the board himself.
The company's valuation, which exceeds its current annual revenue of approximately $1 million, is driven by anticipated growth in demand for counter-drone systems and autonomous defense technologies. The combined entity is expected to trade on Nasdaq under the ticker symbol CUAS, pending approvals.
