DLA Piper advised Elroy Air, Inc., a US-based developer of autonomous heavy-cargo drones, on its definitive business combination agreement with Columbus Circle Capital Corp II, a special purpose acquisition company led by affiliates of Inflection Point Asset Management and Cohen & Company, Inc.
Upon closing, Elroy Air is expected to become a publicly traded company listed on Nasdaq. The proposed transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including regulatory approvals and stockholder approval. The transaction values Elroy Air at approximately US$800 million pre-money, with a post-transaction enterprise value of approximately US$1 billion, and includes more than US$165 million of committed PIPE capital.
The DLA Piper deal team was led by Partner Josh Seidenfeld (Palo Alto), who leads the firm’s Northern California Corporate and Securities practice, and included Partner Elena Nrtina (San Francisco), Of Counsel Ben Griebe (Palo Alto), and Associates Jason Parfet (Austin), Eric Liu (Seattle), Darius Callum (Chicago), Jenna Fontenot and Nicholas Perez (both Miami), and Shane Plavin (New York).
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DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers who provide strategic counsel to emerging companies and venture capital firms in high-growth industries, including technology, healthcare, life sciences, and financial services. Over the last three years, DLA Piper has completed more than 2,100 financings globally, totaling more than US$80 billion. The firm is ranked among the most active global law firms for venture capital deal volume, according to PitchBook.
