AIRO Group and Kernel Group Holdings today announced the filing of a registration statement detailing their proposed merger.
Announced last month, the deal has a pro forma enterprise value of approximately $847 million, assuming no redemptions by the SPAC’s stockholders.
AIRO Group Holdings is an air mobility, autonomy & aerospace platform. The transaction calls for a new Delaware holding company, AIRO Group, to acquire both Kernel and AIRO.
Kernel has an agreement for an up to 7.7 million-share backstop with Meteora. The proposed transaction also includes a contingent earnout payable to the AIRO stockholders and the sponsor.
The deal is expected to be completed in the third quarter.
Kernel raised $265 million in a February 2021 IPO. Read more.
