Airo Group Commits to SPAC-backed Nasdaq Listing | Aviation International News

HAI Convention News 2023

Airo Group Commits to SPAC-backed Nasdaq Listing

The U.S. group includes eVTOL aircraft developer Jaunt, Aspen Avionics, and several drone operations and flight training subsidiaries.

Jaunt Air Mobility's Journey eVTOL aircraft. — Jaunt Air Mobility aims to certify its four-passenger Journey eVTOL aircraft in 2026. (Image: Jaunt)

By Charles Alcock • Managing Editor

March 6, 2023

The Airo Group has agreed to merge with special purpose acquisition company (SPAC) Kernel Group Holdings to achieve a listing on the Nasdaq stock exchange in the third quarter. The group includes eVTOL aircraft developer Jaunt Air Mobility, Aspen Avionics, and several drone operations businesses.

Announced on Monday, the deal represents a shift in fundraising strategy for Airo Group, which since October 2021 has worked on plans for a direct initial public offering without the involvement of a SPAC. Many expected that to lead to a Wall Street listing in 2022 but softening investment sentiment for the advanced air mobility sector appears to have held up that and other funding rounds in the sector.

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