AIRO Group, the parent company of Aspen Avionics, announced plans for an initial public offering of its common stock.
In the announcement, AIRO Group said that it has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission for the proposed IPO. According to the statement, the number and price of shares to be offered has not yet been determined. The registration statement will become effective after the SEC reviews and approves the filing.
With this collaboration of industry leaders, the company will further its work in developing commercial drones, advanced air mobility with electric propulsion, advanced avionics, and training. “AIRO’s four divisions focus on critical elements of the future aerospace and defense market construct that will bring autonomy, artificial intelligence (AI), and advanced operations to mainstream commercial and military marketplaces,” the company said in its statement.
“The attractiveness of AIRO is based on four key factors,” Dr. Chirinjeev Kathuria, AIRO’s executive chairman explained: “1) the strength of the brands and existing orders and contracts, 2) a diversified yet synergistic portfolio that is already proving its robustness with AIRO’s support of drone technologies in Ukraine as commercial drone operations continue to recover from a downtown during the height of the pandemic, 3) a training division that is participating in the $249 million and $6.40 billion U.S. military contracts to provide Close Air Support, Intelligence, Reconnaissance, Surveillance and Adversary Air training, which will drive significant revenue and profit growth, and 4) a management team with significant experience and global successes that span an evolving defense and aerospace marketplace that’s changed significantly over the last four decades.”