Elroy Air, Inc., a leading U.S.-based technology developer of autonomous heavy-cargo drones for defense, rapid response and commercial logistics, and Columbus Circle Capital Corp II (NASDAQ:CMII), a special purpose acquisition company led by the management team of Inflection Point Asset Management ("Inflection Point") and Cohen & Company, Inc. (NYSE:COHN), which will be renamed Inflection Point Acquisition Corp VII (NASDAQ:IPXG), today announced the confidential submission of a draft registration statement on Form S-4 (the "Registration Statement") with U.S. Securities and Exchange Commission ("SEC").

The announcement marks an important milestone toward the previously announced definitive business combination agreement ("BCA") whereby Elroy Air will become a publicly traded company. The proposed transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including regulatory and shareholder approval. The transaction values Elroy Air at $800 million pre-money, and the Company is expected to have an enterprise value of approximately $1.0 billion following closing. The transaction has more than $165 million in committed PIPE capital, which is expected to fully fund commercial scale production of the Chaparral with U.S. manufacturing partner Kratos Defense & Security Solutions. $65 million of the more than $165 million PIPE was funded in connection with the execution of the BCA.

Upon closing, the combined company will take on the Elroy Air name and expects to be listed on the Nasdaq under the ticker symbol "ELRY."