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24.09.26 - 13:06
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Elroy Air Announces Upsizing of PIPE Investments to $175 Million with Participation from Lockheed Martin Ventures (Business Wire)
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SAN FRANCISCO--(BUSINESS WIRE)--Elroy Air, a leading U.S.-based technology developer of autonomous heavy-cargo drones for defense, rapid response and commercial logistics, today announced that it has expanded its previously-disclosed PIPE commitments, increasing the total to $175 million. Existing investors including Lockheed Martin Ventures and Inflection Point participated and $75 million has now been funded prior to the closing of the Business Combination Agreement between Elroy Air and Inflection Point Acquisition Corp. VII (f/k/a Columbus Circle Capital Corp II) (Nasdaq: IPXG).
"Inflection Point's increased financial commitment and PIPE upsize reflect our confidence in Elroy's progress since our transaction announcement in June," said Michael Blitzer, Inflection Point Chairman and CEO. "In this time, Elroy won a significant new contract with the U.S. Army, tripled deposit-backed orders with Bristow, advanced its manufacturing timeline and scale with Kratos, and continued with success...
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