On May 21, 2024, Drone Delivery Canada Corp. and Volatus Aerospace Corp. entered into a merger of equals, combining their businesses under the name Volatus Aerospace Corp. The all-stock transaction, approved by the boards of both companies, involved an exchange ratio of 1.785 Drone Delivery Canada shares for each Volatus share, resulting in an equal ownership split between the shareholders of the two companies. The merger is expected to close in Q3 2024, subject to customary approvals and conditions.

This strategic merger aims to create a financially robust company with a diversified technology and service portfolio, poised for growth in the drone cargo and Advanced Air Mobility markets. The combined company will leverage Drone Delivery Canada's $40 million investment in proprietary technologies and Volatus' established market presence.

Echelon Capital Markets acted as exclusive financial advisor to Volatus, with Wildeboer Dellelce LLP serving as its legal counsel. National Bank Financial Inc. advised Drone Delivery Canada, supported by Bennett Jones LLP and Irwin Lowy LLP as legal advisors. The merger's value is reflected in the exchange of 224.3 million Drone Delivery Canada shares for Volatus shareholders, aligning the interests of both companies in creating a market leader in drone technologies.