Elroy Air and Inflection Point Acquisition Corp. VII announce effectiveness of registration statement ahead of planned business combination and Nasdaq listing

Elroy Air, a leading U.S.-based technology developer of autonomous heavy-cargo drones for defence, rapid response and commercial logistics, and Inflection Point Acquisition Corp. VII (f/k/a Columbus Circle Capital Corp II), a special purpose acquisition company led by the management team of Inflection Point Asset Management (Inflection Point) and Cohen & Company, Inc., today announced that the U.S. Securities and Exchange Commission (SEC) has declared effective the registration statement on Form S-4 relating to the companies' definitive business combination agreement (BCA).

"Today's milestone marks a significant step in Elroy Air's journey to become a public company," said Elroy Air CEO Dr. Andrew Clare. "We continue to see strong demand for our Chaparral aircraft, from both defense and commercial customers. With approximately $175 million in committed financing, including $75 million of pre-PIPE financing already funded, we believe we are well-positioned to scale our autonomous cargo drone platform in 2027."

Inflection Point Acquisition Corp. VII has called an Extraordinary General Meeting of its shareholders to be held at 10:00 a.m., Eastern Time, on Wednesday, November 25, 2026, at the offices of White & Case LLP, 1221 Avenue of the Americas, New York, NY 10020, and virtually via live webcast, for shareholders of record as of the close of business on October 30, 2026 (the Record Date) to vote on proposals to approve the transactions outlined within the BCA. Further information about the Extraordinary General Meeting and associated voting procedures is contained in a definitive proxy statement/prospectus filed by Inflection Point Acquisition Corp. VII with the SEC. Inflection Point Acquisition Corp. VII shareholders are encouraged to review the disclosures and voting information in the Proxy Statement in advance of the extraordinary general meeting on November 25, 2026. Public shareholders wishing to redeem their public shares must complete the redemption procedures described in the Proxy Statement prior to 5:00 p.m., Eastern Time, on Monday, November 23, 2026.

Upon closing, the combined company will use the Elroy Air name, and its common stock is expected to trade on Nasdaq under the ticker symbol "ELRY," subject to Nasdaq approval. If approved by Inflection Point Acquisition Corp. VII's shareholders, the deal is expected to close shortly after the extraordinary general meeting in December 2026, subject to the satisfaction or waiver of customary closing conditions and regulatory review.

Elroy Air has secured total financing commitments of approximately $175 million in connection with the business combination, including $75 million of pre-PIPE financing, which has been funded to date, and a $100 million PIPE expected to fund at closing. Existing investors, including Lockheed Martin Ventures and Inflection Point, participated in the pre-PIPE financing. The company expects to deploy the funds to accelerate the production of Chaparral, an autonomous, advanced vertical takeoff and landing (VTOL) drone designed to carry 500+ pounds of cargo with a maximum range of 450 miles, to meet rising demand from the commercial and defence markets.

Elroy Air continues to build on its commercial and defence programmes as it prepares to scale production of the Chaparral. In August, the Company was awarded an up to $46 million, multi-year contract with the U.S. Army to advance Chaparral's operational technologies and payload versatility for contested, austere environments. Elroy Air also recently completed the first autonomous and uncrewed flights under the U.S. Department of Transportation's and the Federal Aviation Administration's eVTOL Integration Pilot Program (eIPP) in partnership with Bristow Group, after which Bristow Group reserved 10 additional early delivery positions for the aircraft, bringing its total to 15. Kratos Defense & Security Solutions, Chaparral's exclusive U.S. manufacturer, will produce the heavy-cargo drone at its expanding facility in Sacramento, California, with first production aircraft planned for late 2026.