SPAC Global Robotic Drone Acquisition files for a $100 million IPO, targeting drone technology

Global Robotic Drone Acquisition, a blank-check company targeting the drone technology sector, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.

The company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Global Robotic Drone Acquisition would command a market value of $130 million.

The company is led by CEO and Chairman Kenneth Robinson, who owns and operates a franchise of Mike Pero Mortgages in New Zealand, and CFO and Director Phan Nguyen Ngoc Xuan My, a senior associate in the risk management department at Kiwibank. The company plans to target the drone technology sector, focusing on businesses with enterprise values between $200 million and $2 billion. It does not plan to target businesses in China, Hong Kong, or Macau.

The Auckland, New Zealand-based company was founded in 2022 and plans to list on the Nasdaq, but has not selected a ticker yet (RC ticker: GRDAU.RC). EF Hutton is the sole underwriter on the deal.