Yet another eVTOL developer is going public via SPAC.
On Mach 6, 2023, AIRO Group Holdings, the parent company of Jaunt Air Mobility, announced that it is merging with Kernel Group Holdings in order to get listed on the NASDAQ stock exchange.
Kernel Group Holdings (NASDAQ ticker: KRNLU) is what is known as special purpose acquisition company (SPAC), an entity whose sole purpose is to get into a combination with another business (merged or acquired) in order to facilitate the fast-track stock market listing of the latter.
The operation was approved by the respective boards, giving the combined entity a pro-forma enterprise value of $847 million. The group estimates a revenue of $43 million in 2023, although it expects to grow this figure to $2.9B in a period of seven years.
AIRO Group is structured around four business areas: Advanced Avionics, Electric Air Mobility, Uncrewed Air Systems, and Training. It also controls the brands Aspen Avionics, which focuses on the general aviation market, and Jaunt Air Mobility.
Although incorporated in Delaware, AIRO Group has also a significant activity in Québec, where its subsidiary Jaunt Air Mobility has plans to develop a regional air mobility network using its own proprietary eVTOL technology. Jaunt’s eVTOL has the particularity of having a hybrid design that combines characteristics of a conventional rotorcraft and a fixed winged aircraft.
AIRO Group is also a military contractor participating in several projects of the US Department of Defence.