on Volatus Aerospace Corp. (isin : CA92865G1054)
Drone Delivery Canada and Volatus Aerospace Complete Merger
Drone Delivery Canada Corp. (TSXV:FLT) and Volatus Aerospace Corp. (TSXV:VOL) have finalized their merger of equals, announced on May 21, 2024. The merger, approved by shareholders and the Ontario Superior Court of Justice, sees Drone Delivery Canada acquiring all outstanding Volatus shares. Volatus is now a wholly-owned subsidiary.
The new entity, Volatus Aerospace Inc., will begin trading under its new name on September 5, 2024. Shareholders of both companies will each hold approximately 50% of the combined company. Holders of Volatus Shares will exchange their shares for common voting shares of Drone Delivery Canada at an exchange ratio of 1.785.
The merger enhances capabilities by integrating Volatus' commercialization expertise with Drone Delivery Canada's logistics technology. The combined management team is led by CEO Glen Lynch and COO Steve Magirias, with Ian McDougall as chairman of the board.
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