McKinley Acquisition agrees to merge with counter-drone tech firm Space-Eyes in deal valuing it at $638 million
MKLY•Financing terms
Up to $75 million in PIPE financing has been arranged via senior secured convertible notes and warrants.
The notes carry 10% interest and mature in 2031.
Post-close listing plans
After the transaction closes, the combined company is expected to operate as Space-Eyes.
A Nasdaq listing is planned under ticker CUAS.
Merger agreement and valuation
Space-Eyes entered a definitive business combination agreement with McKinley Acquisition Corp., targeting a fourth-quarter 2026 close.
The deal implies a pro forma equity value of $638 million, assuming no redemptions and a $5 million initial PIPE tranche.
The implied enterprise value is set at $370 million, backed by $176.7 million of trust capital.
