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AIRO has aligned its busi­ness into four divi­sions offer­ing advanced avion­ics, elec­tric air mobil­i­ty, uncrewed air sys­tems, and train­ing, with brands such as Aspen Avion­ics and Jaunt Air Mobil­i­ty.

Finan­cial high­lights include $43 mil­lion esti­mat­ed rev­enue in 2023 and $2.9 bil­lion esti­mat­ed rev­enue by year 7, $1.0 tril­lion total address­able mar­ket and 1,225 annu­al eVTOL pro­duc­tion by 2030.

The pro-for­ma equi­ty val­ue of the com­bined com­pa­ny is expect­ed to be approx­i­mate­ly $847 mil­lion and Ker­nel Group Hold­ings signed an agree­ment for to $77 mil­lion com­mit­ted back­stop by Mete­o­ra Spe­cial Oppor­tu­ni­ty Fund I, Mete­o­ra Select Trad­ing Oppor­tu­ni­ties Mas­ter, and Mete­o­ra Cap­i­tal Part­ners, col­lec­tive­ly known as Mete­o­ra.

The com­bined com­pa­ny will be renamed AIRO Group Inc and its com­mon stock and war­rants are expect­ed to be list­ed on Nas­daq, under the sym­bols AIRO and AIROW respec­tive­ly upon clos­ing of the trans­ac­tion.

Ker­nel Group Hold­ings (NASDAQ: KRNLU) is a spe­cial pur­pose acqui­si­tion com­pa­ny (SPAC) formed for the pur­pose of effect­ing a merg­er, cap­i­tal stock exchange, asset acqui­si­tion, stock pur­chase, or sim­i­lar busi­ness com­bi­na­tion.

AIRO exec­u­tive chair­man and co-founder Dr Chir­in­jeev Kathuria has found­ed and served as chair­man on sev­er­al pub­licly trad­ed com­pa­nies, and was the found­ing direc­tor of Mir­Corp, claimed to be the first com­mer­cial com­pa­ny to pri­vate­ly launch and fund manned space pro­grams.

AIRO CEO and co-founder Cap­tain Joe Burns, a thir­ty-five year avi­a­tion vet­er­an, served as man­ag­ing direc­tor of Flight Stan­dards, man­ag­ing direc­tor of Tech­nol­o­gy and Flight Test, and FAA Cer­tifi­cate direc­tor of oper­a­tions at Unit­ed Air­lines.

He is cur­rent­ly on the US Exec­u­tive Com­mit­tee Advi­so­ry Board for Posi­tion, Nav­i­ga­tion, and Tim­ing, a NASA Spe­cial Gov­ern­ment Employ­ee, and has served in chair­man­ship roles in mul­ti­ple nation­al advi­so­ry boards.

AIRO pres­i­dent and chief oper­at­ing offi­cer John Uczekaj has over 40 years of expe­ri­ence in the aero­space indus­try. While at Hon­ey­well, he was exec­u­tive vice pres­i­dent and gen­er­al man­ag­er of a $2 bil­lion rev­enue aero­space elec­tron­ics sys­tems divi­sion. He holds a Bach­e­lor of Sci­ence in Elec­tri­cal and Com­put­er Engi­neer­ing from Ore­gon State Uni­ver­si­ty and an MBA from City Uni­ver­si­ty, Seat­tle, Wash­ing­ton.

AIRO appli­ca­tions include com­mu­ni­ca­tions, nav­i­ga­tion, mon­i­tor­ing, flight-con­trol sys­tem, AI, col­li­sion-avoid­ance sys­tems, radar, and elec­tro-optics. Areas of appli­ca­tion include recon­nais­sance, attack, sur­veil­lance, inspec­tion, weath­er analy­sis, and health­care.

AIRO is lead­ing with its Jaunt Jour­ney air­craft and is work­ing with Trans­port Cana­da towards cer­ti­fi­ca­tion under Chap­ter 529: Trans­port Cat­e­go­ry Rotor­craft. With near­ly 300 flight hours and well over 1,000 take­offs and land­ings, Jaunt Journey’s Slowed
Rotor Com­pound tech­nol­o­gy is claimed to be the safest and qui­etest eVTOL in cer­ti­fi­ca­tion.

Kathuria remarked: “The attrac­tive­ness of AIRO is based the strength of the brands and exist­ing orders and con­tracts, a diver­si­fied port­fo­lio that is sup­port­ing drone tech­nolo­gies in Ukraine, a train­ing divi­sion that is par­tic­i­pat­ing in the $6.40 bil­lion US DOD con­tract pro­gram to pro­vide close air sup­port, intel­li­gence, recon­nais­sance, sur­veil­lance and adver­sary air train­ing, and a man­age­ment team with sig­nif­i­cant expe­ri­ence.”

Citibank and Cohen & Com­pa­ny Cap­i­tal Mar­kets are serv­ing as lead cap­i­tal mar­kets advi­sors to Ker­nel, while Nel­son Mullins Riley & Scar­bor­ough LLP is serv­ing as legal coun­sel to Ker­nel and Pub­Co.