The merger makes Volatus Aerospace a fully-owned subsidiary with the company using the Volatus Aerospace name to leverage Volatus’ brand while maintaining Drone Delivery Canada’s brand for cargo operations.
Shareholders from Drone Delivery Canada approved the merger at a meeting on 26 August and Volatus shareholders gave it their approval at a meeting on 23 August.
The Ontario Superior Court of Justice (Commercial List) gave the merger their approval on 27 August.
Volatus shareholders are entitled to receive 1.785 common voting shares for each Volatus share held prior to the merger.
The merger has been structured as a 50/50 merger of equals with shareholders of both companies owning 50% of the company.
The company is being led by Glyn Lynch as CEO and Steve Magirias as COO.
Ian McDougall, Chairman of the current company is now Chairman of the new company, and the other directors are Kevin Sherkin, Larry Taylor, Glen Lynch and Andrew Leslie.
Lynch says, “Back when Volatus transitioned from a private company to a public company in 2021, we reimagined our mission to be an integrator and consolidator of a fragmented industry — to build a streamlined and agile ecosystem for our customers. Volatus is taking the next evolutionary step with Drone Delivery Canada, combining its significant technological expertise together with our commercial experience to provide tested and proven remote operational capabilities and logistics technology to our customers.”