Aspen parent goes public, eyeing eVTOL future

AIRO Group purchased Aspen Avionics in 2020, building a portfolio of aerospace firms with the know-how and experience to succeed in a competitive market by pooling resources. The company released the news March 6 that AIRO Group Holdings Inc. will merge with a special purpose acquisition company (SPAC) to list the combined firm on the Nasdaq stock exchange.

Since acquiring Aspen, founded in 2004 in New Mexico and built into a successful avionics manufacturer well-known to general aviation pilots, AIRO has organized into four divisions, addressing advanced avionics, electric air mobility, uncrewed aircraft, and training. Jaunt Air Mobility is also part of AIRO Group, and the company noted expected revenue of $43 million for 2023 that it expects to increase to $2.9 billion by year 7.

Once the merger closes, AIRO and the SPAC (Kernel Group Holdings) will be wholly owned subsidiaries of PubCo. Common stock is expected to be listed under the AIRO and AIROW symbols. Aspen founder and AIRO President and COO John Uczekaj will serve on the board of the “new middle market aerospace and defense sector company” following completion of the transaction, the release states.