{"success":true,"data":{"pressRelease":{"id":"101939","rtpr_id":"nBw1DdyDDa","ticker":"CMII","exchange":"NASDAQ","all_tickers":["CMII","COHN","IPXG","KTOS"],"title":"Elroy Air Equips Chaparral With Three Unattended Delivery Modes Under U.S. Army Contract","author":"Business Wire","published_at":"2026-07-29T12:00:01.541Z","article_body":"Elroy Air Equips Chaparral With Three Unattended Delivery Modes Under U.S.\nArmy Contract\n\nNew capabilities give military leaders more ways to deliver cargo to contested\nenvironments and locations with limited or no infrastructure\n\nElroy Air, a leading U.S.-based technology developer of autonomous heavy-cargo\ndrones for defense, rapid response and commercial logistics, today announced\nthat the company has created three new unattended delivery modes for its\nChaparral drone, developed under contract with the U.S. Army. Chaparral can\nnow deliver payloads three ways: precision airdrop from a hover, precision\nairdrop in forward flight, and ground delivery, each executed without\npersonnel or ground infrastructure at the receiving site.\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260729367692/en/\n(https://www.businesswire.com/news/home/20260729367692/en/)\n\nIn a demonstration at the company's Byron, California headquarters on July 15,\n2026, Chaparral completed two payload releases in a single flight: a 68-pound\npayload drop from a close-in hover and a 70-pound payload release from 65 feet\nin forward flight. Both deliveries were software-commanded from pre-programmed\ncoordinates, with no operator input during execution, a requirement for\ncommunications-denied environments. Neither drop required personnel at the\ndelivery point. Elroy Air separately demonstrated ground delivery without\nattending personnel, in which the aircraft released its payload after landing.\n\n\"The Army asked us for these unattended delivery capabilities, and we\ndeveloped them on time and on budget in a single autonomous aircraft. That's\nreal capability for the warfighter, and it carries straight over to our\ncommercial customers as well,\" said Andrew Clare, CEO of Elroy Air. “Next we\nwill begin testing in the field alongside the U.S. Army in exercises designed\nto rapidly put these capabilities into the hands of our soldiers.”\n\nThe Chaparral was designed for multi-mission flexibility, with swappable cargo\npods that allow a single aircraft to support different missions without\nairframe reconfiguration, runway or ground infrastructure, or delivery\nequipment or personnel. The aircraft can release cargo from hover for\nprecision placement, in forward flight when speed or altitude must be\nmaintained, or on the ground when conditions permit. The capability supports\nmissions where landing is not possible or would reveal a position, including\ncontested environments, disaster response, maritime operations, and austere\nterrain.\n\nAerial resupply is a critical capability for Army logistics. Unattended\ndelivery from a runway-independent vertical-takeoff-and-landing (“VTOL”)\nplatform gives commanders a way to sustain distributed operations without\nputting aircrews at risk, a priority reflected in the Army's growing\ninvestment in autonomous and contested logistics.\n\n\"Contested logistics is one of the hardest problems the joint force faces,\nfrom maritime resupply to sustaining distributed forces far from established\nhubs,\" said Mark Rodrigo, who leads Federal Business Development at Elroy Air\nand served as a U.S. Air Force intelligence officer supporting ISR operations\nacross five continents. \"One Chaparral can now resupply multiple positions in\na single sortie, with no pilot at risk and no personnel required at the drop\npoint. That's a force multiplier for units operating at the tactical edge.\"\n\nThese new delivery modes will be available on production Chaparral aircraft,\nwhich will be manufactured by Kratos Defense & Security Solutions (Nasdaq:\nKTOS) (“Kratos”) under Kratos and Elroy Air’s U.S. manufacturing\npartnership. On July 20, 2026, Kratos announced that it will manufacture Elroy\nAir's Chaparral autonomous cargo aircraft in its expanding Sacramento,\nCalifornia production facility.\n\nAbout Elroy Air\n\nElroy Air is developing industry-first autonomous aircraft systems and\ncutting-edge software to revolutionize express shipping. Deploying innovative\nhybrid-electric and autonomous vehicle technologies, its VTOL aircraft\ntranscends traditional airport limitations, unlocking new frontiers in\ncommercial air cargo, humanitarian aid, and military logistics. From agile,\nlow-risk resupply for troops, to dynamic disaster response and firefighting\nsupport, to warehouse-to-warehouse express parcel transport, Elroy Air’s\ntechnology reshapes logistics possibilities. The company recently announced\nthat it has entered into a definitive business combination agreement (the\n“Business Combination Agreement”), with Columbus Circle Capital Corp II\n(Nasdaq: CMII), a special purpose acquisition company led by the management\nteam of Inflection Point Asset Management and Cohen & Company, Inc. (NYSE\nAmerican: COHN), which will be renamed Inflection Point Acquisition Corp VII\n(Nasdaq: IPXG) (“IPAC”), whereby Elroy Air will become a publicly traded\ncompany (“Business Combination”). With facilities in Byron, California,\nElroy Air is backed by premier venture capital firms including DiamondStream\nPartners, Catapult Ventures, Marlinspike Partners, Snowpoint Ventures, and\nShield Capital. Strategic investment from industry giants like Lockheed Martin\nVentures and support from visionary angel investors, including early Uber\nexecutives, drive the company's mission to provide same-day shipping to every\nperson.\n\nFor more information, visit Elroy Air\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Felroyair.com%2F&esheet=54578842&newsitemid=20260729367692&lan=en-US&anchor=Elroy+Air&index=1&md5=6b429e09c62ce8a8bf3b8fe7302abe41)\n.\n\nAdditional Information\n\nThe Business Combination will be submitted to shareholders of IPAC for their\nconsideration. In connection with the Business Combination, IPAC intends to\nfile a registration statement on Form S-4 (as amended and supplemented from\ntime to time, the “Registration Statement”) with the SEC, which will\ninclude a proxy statement/prospectus and certain other related documents,\nwhich will serve as both the proxy statement to be distributed to shareholders\nof IPAC in connection with its solicitation for proxies for the vote by its\nshareholders in connection with the Business Combination and other matters to\nbe described in the Registration Statement, as well as the prospectus relating\nto the offer and sale of the securities to be issued to securityholders of\nIPAC and equityholders of Elroy Air in connection with the completion of the\nBusiness Combination. After the Registration Statement is declared effective,\nIPAC will mail a definitive proxy statement and other relevant documents to\nits shareholders as of the record date established for voting on the Business\nCombination. This communication is not a substitute for the Registration\nStatement, the definitive proxy statement/prospectus or any other document\nthat IPAC will send to its shareholders in connection with the Business\nCombination.\n\nINVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ, WHEN AVAILABLE, THE\nREGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT\nDOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY\nBECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE\nBUSINESS COMBINATION AND THE PARTIES TO THE BUSINESS COMBINATION. Investors\nand security holders will be able to obtain copies of these documents (if and\nwhen available) and other documents filed with the SEC free of charge at\nwww.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54578842&newsitemid=20260729367692&lan=en-US&anchor=www.sec.gov&index=2&md5=3128af970a6bbbdcc7f864892a71feff)\n. The definitive proxy statement/final prospectus (if and when available) will\nbe mailed to shareholders of IPAC as of a record date to be established for\nvoting on the Business Combination. Shareholders of IPAC will also be able to\nobtain copies of the proxy statement/prospectus without charge, once\navailable, by directing a request to: Columbus Circle Capital Corp. II, 3\nColumbus Circle, 24th Floor, New York, NY 10019.\n\nParticipants in the Solicitation\n\nIPAC and its directors, executive officers, and other members of management,\nand consultants, under SEC rules, may be deemed participants in the\nsolicitation of proxies from IPAC’s shareholders with respect to the\nBusiness Combination. A list of the names of those directors and executive\nofficers and a description of their interests in IPAC is contained in the\nsections entitled “Item 12. Security Ownership of Certain Beneficial Owners\nand Management and Related Stockholder Matters” and “Item 10. Directors,\nExecutive Officers and Corporate Governance” of IPAC’s Annual Report on\nForm 10-K for the fiscal year ended December 31, 2025, filed with the SEC on\nMarch 30, 2026, and which is available free of charge at the SEC’s website\nat www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54578842&newsitemid=20260729367692&lan=en-US&anchor=www.sec.gov&index=3&md5=745fe7388d4bab7e7c6a281f125a4fd5)\n. Additional information regarding the interests of such participants will be\ncontained in the Registration Statement when available.\n\nElroy Air, its directors, executive officers, other members of management, and\nemployees, under SEC rules, may be deemed participants in the solicitation of\nproxies of IPAC’s shareholders in connection with the Business Combination.\nA list of the names of such directors and executive officers and information\nregarding their interests in the Business Combination will be included in the\nRegistration Statement when available.\n\nForward Looking Statements\n\nCertain statements made herein are not historical facts but may be considered\n“forward-looking statements” within the meaning of Section 27A of the\nSecurities Act of 1933 (“Securities Act”), as amended, and Section 21E of\nthe Securities Exchange Act of 1934, as amended. Forward-looking statements\ngenerally are accompanied by words such as “believe,” “may,”\n“will,” “estimate,” “continue,” “anticipate,” “intend,”\n“expect,” “should,” “would,” “plan,” “predict,”\n“potential,” “seem,” “seek,” “future,” “outlook” or the\nnegatives of these terms or variations of them or similar terminology or\nexpressions that predict or indicate future events or trends or that are not\nstatements of historical matters. These forward-looking statements include,\nbut are not limited to, statements regarding future events, the Business\nCombination, the estimated or anticipated future results and benefits of the\ncombined company (referred to herein as “New Elroy Air”) following the\nBusiness Combination, including the likelihood and ability of the parties to\nsuccessfully consummate the Business Combination, Elroy Air’s demand backlog\nand potential revenue opportunities, future opportunities for New Elroy Air\nand other statements that are not historical facts.\n\nThese statements are based on the current expectations of IPAC’s and/or\nElroy Air’s management and are not predictions of actual performance. These\nforward-looking statements are provided for illustrative purposes only and are\nnot intended to serve as, and must not be relied on, by any investor as a\nguarantee, an assurance, a prediction or a definitive statement of fact or\nprobability. There can be no assurance that New Elroy Air will use the\nproceeds of the Business Combination and the associated PIPE investment as\ncurrently planned, and management will have broad discretion over the use of\nsuch proceeds. Actual events and circumstances are difficult or impossible to\npredict and will differ from assumptions. Many actual events and circumstances\nare beyond the control of IPAC and Elroy Air. These statements are subject to\na number of risks and uncertainties regarding Elroy Air’s business and the\nBusiness Combination, and actual results may differ materially. These risks\nand uncertainties include, but are not limited to: general economic, political\nand business conditions; the inability of the parties to consummate the\nBusiness Combination or the occurrence of any event, change or other\ncircumstances that could give rise to the termination of the Business\nCombination Agreement; the number of redemption requests made by IPAC’s\nshareholders in connection with the Business Combination; the outcome of any\nlegal proceedings that may be instituted against the parties following the\nannouncement of the Business Combination; the risk that the approval of the\nshareholders of Elroy Air or IPAC for the potential transaction is not\nobtained; failure to realize the anticipated benefits of the Business\nCombination, including as a result of a delay in consummating the potential\ntransaction; the risk that the Business Combination disrupts current plans and\noperations as a result of the announcement and consummation of the Business\nCombination; the risks related to the rollout of Elroy Air’s business and\nthe timing of expected business milestones; the fact that Elroy Air’s demand\npipeline currently consists of non-binding letters of intent and memorandums\nof understanding and the risk that such letters of intent and memorandums of\nunderstanding may not convert to binding orders and there can be no assurance\nthat any or all of such letters of intent and memorandums of understanding\nwill result in future revenue and accordingly investors should not place undue\nreliance on such demand pipeline figures as an indicator of future revenue or\nbusiness performance; risks related to obtaining and maintaining necessary\nregulatory approvals and certifications for the Federal Aviation\nAdministration, Department of Defense, and other governmental authorities for\ndrone operations; the effects of competition on Elroy Air’s business; the\nability of New Elroy Air to execute its growth strategy, manage growth\nprofitably and retain its key employees; the ability of New Elroy Air to\nobtain or maintain the listing of its securities on a U.S. national securities\nexchange following the Business Combination; costs related to the Business\nCombination; and other risks that will be detailed from time to time in\nfilings with the SEC. The foregoing list of risk factors is not exhaustive.\nThere may be additional risks that Elroy Air and IPAC presently do not know or\nthat Elroy Air and IPAC currently believe are immaterial that could also cause\nactual results to differ from those contained in forward-looking statements.\nIn addition, forward-looking statements provide Elroy Air’s and IPAC’s\nexpectations, plans or forecasts of future events and views as of the date of\nthis communication. Elroy Air and IPAC anticipate that subsequent events and\ndevelopments will cause their assessments to change. However, while Elroy Air\nand/or IPAC may elect to update these forward-looking statements in the\nfuture, Elroy Air and IPAC specifically disclaim any obligation to do so.\nThese forward-looking statements should not be relied upon as representing\nElroy Air’s or IPAC’s assessments as of any date subsequent to the date of\nthis communication. Accordingly, undue reliance should not be placed upon the\nforward-looking statements. Nothing herein should be regarded as a\nrepresentation by any person that the forward-looking statements set forth\nherein will be achieved or results of such forward-looking statements will be\nachieved.\n\nNo Offer or Solicitation\n\nThis communication is for informational purposes only and is not (i) an offer\nto purchase, nor a solicitation of an offer to sell, subscribe for or buy any\nsecurities, nor shall there be any sale, issuance or transfer of securities in\nany jurisdiction in contravention of applicable law nor (ii) the solicitation\nof any vote in any jurisdiction pursuant to the Business Combination or\notherwise. No offer of securities shall be made except by means of a\nprospectus meeting the requirements of Section 10 of the Securities Act. No\nsecurities commission or securities regulatory authority in the United States\nor any other jurisdiction has in any way passed upon the merits of the\nBusiness Combination or the accuracy or adequacy of this communication.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260729367692/en/\n(https://www.businesswire.com/news/home/20260729367692/en/)\n\nMedia Contacts\n\nChelsea Dietz\n\npress@elroyair.com (mailto:press@elroyair.com)\n\nDan Moore / Ed Hammond / Kiki Torpey\n\nCollected Strategies\n\nelroy-cs@collectedstrategies.com (mailto:elroy-cs@collectedstrategies.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw1DdyDDa","title":"Elroy Air Equips Chaparral With Three Unattended Delivery Modes Under U.S. Army Contract","author":"Business Wire","ticker":"CMII","created":"2026-07-29T12:00:01.541Z","tickers":["CMII","COHN","IPXG","KTOS"],"exchange":"NASDAQ","article_body":"Elroy Air Equips Chaparral With Three Unattended Delivery Modes Under U.S.\nArmy Contract\n\nNew capabilities give military leaders more ways to deliver cargo to contested\nenvironments and locations with limited or no infrastructure\n\nElroy Air, a leading U.S.-based technology developer of autonomous heavy-cargo\ndrones for defense, rapid response and commercial logistics, today announced\nthat the company has created three new unattended delivery modes for its\nChaparral drone, developed under contract with the U.S. Army. Chaparral can\nnow deliver payloads three ways: precision airdrop from a hover, precision\nairdrop in forward flight, and ground delivery, each executed without\npersonnel or ground infrastructure at the receiving site.\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260729367692/en/\n(https://www.businesswire.com/news/home/20260729367692/en/)\n\nIn a demonstration at the company's Byron, California headquarters on July 15,\n2026, Chaparral completed two payload releases in a single flight: a 68-pound\npayload drop from a close-in hover and a 70-pound payload release from 65 feet\nin forward flight. Both deliveries were software-commanded from pre-programmed\ncoordinates, with no operator input during execution, a requirement for\ncommunications-denied environments. Neither drop required personnel at the\ndelivery point. Elroy Air separately demonstrated ground delivery without\nattending personnel, in which the aircraft released its payload after landing.\n\n\"The Army asked us for these unattended delivery capabilities, and we\ndeveloped them on time and on budget in a single autonomous aircraft. That's\nreal capability for the warfighter, and it carries straight over to our\ncommercial customers as well,\" said Andrew Clare, CEO of Elroy Air. “Next we\nwill begin testing in the field alongside the U.S. Army in exercises designed\nto rapidly put these capabilities into the hands of our soldiers.”\n\nThe Chaparral was designed for multi-mission flexibility, with swappable cargo\npods that allow a single aircraft to support different missions without\nairframe reconfiguration, runway or ground infrastructure, or delivery\nequipment or personnel. The aircraft can release cargo from hover for\nprecision placement, in forward flight when speed or altitude must be\nmaintained, or on the ground when conditions permit. The capability supports\nmissions where landing is not possible or would reveal a position, including\ncontested environments, disaster response, maritime operations, and austere\nterrain.\n\nAerial resupply is a critical capability for Army logistics. Unattended\ndelivery from a runway-independent vertical-takeoff-and-landing (“VTOL”)\nplatform gives commanders a way to sustain distributed operations without\nputting aircrews at risk, a priority reflected in the Army's growing\ninvestment in autonomous and contested logistics.\n\n\"Contested logistics is one of the hardest problems the joint force faces,\nfrom maritime resupply to sustaining distributed forces far from established\nhubs,\" said Mark Rodrigo, who leads Federal Business Development at Elroy Air\nand served as a U.S. Air Force intelligence officer supporting ISR operations\nacross five continents. \"One Chaparral can now resupply multiple positions in\na single sortie, with no pilot at risk and no personnel required at the drop\npoint. That's a force multiplier for units operating at the tactical edge.\"\n\nThese new delivery modes will be available on production Chaparral aircraft,\nwhich will be manufactured by Kratos Defense & Security Solutions (Nasdaq:\nKTOS) (“Kratos”) under Kratos and Elroy Air’s U.S. manufacturing\npartnership. On July 20, 2026, Kratos announced that it will manufacture Elroy\nAir's Chaparral autonomous cargo aircraft in its expanding Sacramento,\nCalifornia production facility.\n\nAbout Elroy Air\n\nElroy Air is developing industry-first autonomous aircraft systems and\ncutting-edge software to revolutionize express shipping. Deploying innovative\nhybrid-electric and autonomous vehicle technologies, its VTOL aircraft\ntranscends traditional airport limitations, unlocking new frontiers in\ncommercial air cargo, humanitarian aid, and military logistics. From agile,\nlow-risk resupply for troops, to dynamic disaster response and firefighting\nsupport, to warehouse-to-warehouse express parcel transport, Elroy Air’s\ntechnology reshapes logistics possibilities. The company recently announced\nthat it has entered into a definitive business combination agreement (the\n“Business Combination Agreement”), with Columbus Circle Capital Corp II\n(Nasdaq: CMII), a special purpose acquisition company led by the management\nteam of Inflection Point Asset Management and Cohen & Company, Inc. (NYSE\nAmerican: COHN), which will be renamed Inflection Point Acquisition Corp VII\n(Nasdaq: IPXG) (“IPAC”), whereby Elroy Air will become a publicly traded\ncompany (“Business Combination”). With facilities in Byron, California,\nElroy Air is backed by premier venture capital firms including DiamondStream\nPartners, Catapult Ventures, Marlinspike Partners, Snowpoint Ventures, and\nShield Capital. Strategic investment from industry giants like Lockheed Martin\nVentures and support from visionary angel investors, including early Uber\nexecutives, drive the company's mission to provide same-day shipping to every\nperson.\n\nFor more information, visit Elroy Air\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Felroyair.com%2F&esheet=54578842&newsitemid=20260729367692&lan=en-US&anchor=Elroy+Air&index=1&md5=6b429e09c62ce8a8bf3b8fe7302abe41)\n.\n\nAdditional Information\n\nThe Business Combination will be submitted to shareholders of IPAC for their\nconsideration. In connection with the Business Combination, IPAC intends to\nfile a registration statement on Form S-4 (as amended and supplemented from\ntime to time, the “Registration Statement”) with the SEC, which will\ninclude a proxy statement/prospectus and certain other related documents,\nwhich will serve as both the proxy statement to be distributed to shareholders\nof IPAC in connection with its solicitation for proxies for the vote by its\nshareholders in connection with the Business Combination and other matters to\nbe described in the Registration Statement, as well as the prospectus relating\nto the offer and sale of the securities to be issued to securityholders of\nIPAC and equityholders of Elroy Air in connection with the completion of the\nBusiness Combination. After the Registration Statement is declared effective,\nIPAC will mail a definitive proxy statement and other relevant documents to\nits shareholders as of the record date established for voting on the Business\nCombination. This communication is not a substitute for the Registration\nStatement, the definitive proxy statement/prospectus or any other document\nthat IPAC will send to its shareholders in connection with the Business\nCombination.\n\nINVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ, WHEN AVAILABLE, THE\nREGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT\nDOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY\nBECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE\nBUSINESS COMBINATION AND THE PARTIES TO THE BUSINESS COMBINATION. Investors\nand security holders will be able to obtain copies of these documents (if and\nwhen available) and other documents filed with the SEC free of charge at\nwww.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54578842&newsitemid=20260729367692&lan=en-US&anchor=www.sec.gov&index=2&md5=3128af970a6bbbdcc7f864892a71feff)\n. The definitive proxy statement/final prospectus (if and when available) will\nbe mailed to shareholders of IPAC as of a record date to be established for\nvoting on the Business Combination. Shareholders of IPAC will also be able to\nobtain copies of the proxy statement/prospectus without charge, once\navailable, by directing a request to: Columbus Circle Capital Corp. II, 3\nColumbus Circle, 24th Floor, New York, NY 10019.\n\nParticipants in the Solicitation\n\nIPAC and its directors, executive officers, and other members of management,\nand consultants, under SEC rules, may be deemed participants in the\nsolicitation of proxies from IPAC’s shareholders with respect to the\nBusiness Combination. A list of the names of those directors and executive\nofficers and a description of their interests in IPAC is contained in the\nsections entitled “Item 12. Security Ownership of Certain Beneficial Owners\nand Management and Related Stockholder Matters” and “Item 10. Directors,\nExecutive Officers and Corporate Governance” of IPAC’s Annual Report on\nForm 10-K for the fiscal year ended December 31, 2025, filed with the SEC on\nMarch 30, 2026, and which is available free of charge at the SEC’s website\nat www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54578842&newsitemid=20260729367692&lan=en-US&anchor=www.sec.gov&index=3&md5=745fe7388d4bab7e7c6a281f125a4fd5)\n. Additional information regarding the interests of such participants will be\ncontained in the Registration Statement when available.\n\nElroy Air, its directors, executive officers, other members of management, and\nemployees, under SEC rules, may be deemed participants in the solicitation of\nproxies of IPAC’s shareholders in connection with the Business Combination.\nA list of the names of such directors and executive officers and information\nregarding their interests in the Business Combination will be included in the\nRegistration Statement when available.\n\nForward Looking Statements\n\nCertain statements made herein are not historical facts but may be considered\n“forward-looking statements” within the meaning of Section 27A of the\nSecurities Act of 1933 (“Securities Act”), as amended, and Section 21E of\nthe Securities Exchange Act of 1934, as amended. Forward-looking statements\ngenerally are accompanied by words such as “believe,” “may,”\n“will,” “estimate,” “continue,” “anticipate,” “intend,”\n“expect,” “should,” “would,” “plan,” “predict,”\n“potential,” “seem,” “seek,” “future,” “outlook” or the\nnegatives of these terms or variations of them or similar terminology or\nexpressions that predict or indicate future events or trends or that are not\nstatements of historical matters. These forward-looking statements include,\nbut are not limited to, statements regarding future events, the Business\nCombination, the estimated or anticipated future results and benefits of the\ncombined company (referred to herein as “New Elroy Air”) following the\nBusiness Combination, including the likelihood and ability of the parties to\nsuccessfully consummate the Business Combination, Elroy Air’s demand backlog\nand potential revenue opportunities, future opportunities for New Elroy Air\nand other statements that are not historical facts.\n\nThese statements are based on the current expectations of IPAC’s and/or\nElroy Air’s management and are not predictions of actual performance. These\nforward-looking statements are provided for illustrative purposes only and are\nnot intended to serve as, and must not be relied on, by any investor as a\nguarantee, an assurance, a prediction or a definitive statement of fact or\nprobability. There can be no assurance that New Elroy Air will use the\nproceeds of the Business Combination and the associated PIPE investment as\ncurrently planned, and management will have broad discretion over the use of\nsuch proceeds. Actual events and circumstances are difficult or impossible to\npredict and will differ from assumptions. Many actual events and circumstances\nare beyond the control of IPAC and Elroy Air. These statements are subject to\na number of risks and uncertainties regarding Elroy Air’s business and the\nBusiness Combination, and actual results may differ materially. These risks\nand uncertainties include, but are not limited to: general economic, political\nand business conditions; the inability of the parties to consummate the\nBusiness Combination or the occurrence of any event, change or other\ncircumstances that could give rise to the termination of the Business\nCombination Agreement; the number of redemption requests made by IPAC’s\nshareholders in connection with the Business Combination; the outcome of any\nlegal proceedings that may be instituted against the parties following the\nannouncement of the Business Combination; the risk that the approval of the\nshareholders of Elroy Air or IPAC for the potential transaction is not\nobtained; failure to realize the anticipated benefits of the Business\nCombination, including as a result of a delay in consummating the potential\ntransaction; the risk that the Business Combination disrupts current plans and\noperations as a result of the announcement and consummation of the Business\nCombination; the risks related to the rollout of Elroy Air’s business and\nthe timing of expected business milestones; the fact that Elroy Air’s demand\npipeline currently consists of non-binding letters of intent and memorandums\nof understanding and the risk that such letters of intent and memorandums of\nunderstanding may not convert to binding orders and there can be no assurance\nthat any or all of such letters of intent and memorandums of understanding\nwill result in future revenue and accordingly investors should not place undue\nreliance on such demand pipeline figures as an indicator of future revenue or\nbusiness performance; risks related to obtaining and maintaining necessary\nregulatory approvals and certifications for the Federal Aviation\nAdministration, Department of Defense, and other governmental authorities for\ndrone operations; the effects of competition on Elroy Air’s business; the\nability of New Elroy Air to execute its growth strategy, manage growth\nprofitably and retain its key employees; the ability of New Elroy Air to\nobtain or maintain the listing of its securities on a U.S. national securities\nexchange following the Business Combination; costs related to the Business\nCombination; and other risks that will be detailed from time to time in\nfilings with the SEC. The foregoing list of risk factors is not exhaustive.\nThere may be additional risks that Elroy Air and IPAC presently do not know or\nthat Elroy Air and IPAC currently believe are immaterial that could also cause\nactual results to differ from those contained in forward-looking statements.\nIn addition, forward-looking statements provide Elroy Air’s and IPAC’s\nexpectations, plans or forecasts of future events and views as of the date of\nthis communication. Elroy Air and IPAC anticipate that subsequent events and\ndevelopments will cause their assessments to change. However, while Elroy Air\nand/or IPAC may elect to update these forward-looking statements in the\nfuture, Elroy Air and IPAC specifically disclaim any obligation to do so.\nThese forward-looking statements should not be relied upon as representing\nElroy Air’s or IPAC’s assessments as of any date subsequent to the date of\nthis communication. Accordingly, undue reliance should not be placed upon the\nforward-looking statements. Nothing herein should be regarded as a\nrepresentation by any person that the forward-looking statements set forth\nherein will be achieved or results of such forward-looking statements will be\nachieved.\n\nNo Offer or Solicitation\n\nThis communication is for informational purposes only and is not (i) an offer\nto purchase, nor a solicitation of an offer to sell, subscribe for or buy any\nsecurities, nor shall there be any sale, issuance or transfer of securities in\nany jurisdiction in contravention of applicable law nor (ii) the solicitation\nof any vote in any jurisdiction pursuant to the Business Combination or\notherwise. No offer of securities shall be made except by means of a\nprospectus meeting the requirements of Section 10 of the Securities Act. No\nsecurities commission or securities regulatory authority in the United States\nor any other jurisdiction has in any way passed upon the merits of the\nBusiness Combination or the accuracy or adequacy of this communication.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260729367692/en/\n(https://www.businesswire.com/news/home/20260729367692/en/)\n\nMedia Contacts\n\nChelsea Dietz\n\npress@elroyair.com (mailto:press@elroyair.com)\n\nDan Moore / Ed Hammond / Kiki Torpey\n\nCollected Strategies\n\nelroy-cs@collectedstrategies.com (mailto:elroy-cs@collectedstrategies.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-07-29T12:00:02.614547338Z","server_sent_at_ms":1785326402614},"received_at":"2026-07-29T12:00:02.663Z","source_url":"https://www.businesswire.com/news/home/20260729367692/en/"},"analysis":{"id":"90962","press_release_id":"101939","analysis_json":{"industry":null,"redFlags":[],"eventType":"operations_update","narrative":"Elroy Air announced the successful demonstration of three unattended delivery modes for its Chaparral drone, developed under a U.S. Army contract. The new capabilities allow for precision airdrops from hover or forward flight, as well as ground delivery, all executed without personnel or infrastructure at the receiving site.\n\nDuring a July 15, 2026 demonstration, the aircraft dropped a 68-pound payload from a hover and a 70-pound payload from 65 feet in forward flight using pre-programmed software commands.\n\nProduction aircraft will be manufactured by Kratos Defense & Security Solutions in Sacramento, California under a recently announced manufacturing partnership.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"SPAC target Elroy Air validates Chaparral drone capabilities with successful U.S. Army demo, confirms manufacturing path with Kratos."},"keyFigures":{"customDimensions":{"demo_date":"2026-07-15","drop_altitude_ft":65,"payload_weight_hover_drop_lbs":68,"manufacturing_announcement_date":"2026-07-20","payload_weight_forward_drop_lbs":70}},"quotedText":"The Army asked us for these unattended delivery capabilities, and we developed them on time and on budget in a single autonomous aircraft.","namedEntities":{"people":[{"name":"Andrew Clare","role":"CEO of Elroy Air"},{"name":"Mark Rodrigo","role":"Head of Federal Business Development at Elroy Air"}],"products":["Chaparral drone"],"companies":[{"name":"Elroy Air","relationship":"target of SPAC merger"},{"name":"U.S. Army","relationship":"customer/contract partner"},{"name":"Kratos Defense & Security Solutions","ticker":"KTOS","relationship":"manufacturing partner"},{"name":"Columbus Circle Capital Corp II","ticker":"CMII","relationship":"issuer / SPAC acquirer"},{"name":"Inflection Point Acquisition Corp VII","ticker":"IPXG","relationship":"post-merger entity name"},{"name":"Cohen & Company, Inc.","ticker":"COHN","relationship":"sponsor/advisor"},{"name":"Lockheed Martin Ventures","relationship":"strategic investor"}],"dollarAmounts":[]},"materialImpact":{"score":3,"reasoning":"Successful operational milestone validation for the SPAC acquisition target (Elroy Air) under a U.S. Army contract. The demonstration of unattended delivery capabilities and confirmation of manufacturing via Kratos reduces technical and execution risk ahead of the business combination."},"tickerRelevance":{"others":[{"ticker":"KTOS","relevance":"manufacturing partner"},{"ticker":"IPXG","relevance":"post-merger ticker"},{"ticker":"COHN","relevance":"sponsor/advisor"}],"primary":"CMII"},"globalImportance":25,"audienceRelevance":30,"eventTypeSecondary":["partnership"],"importanceComponents":{"tickerTier":"small-cap","spacContext":true,"eventGravity":"technical_validation","sectorWeight":"defense_tech"}},"event_type":"operations_update","event_type_secondary":["partnership"],"sentiment":"bullish","material_impact_score":3,"narrative":"Elroy Air announced the successful demonstration of three unattended delivery modes for its Chaparral drone, developed under a U.S. Army contract. The new capabilities allow for precision airdrops from hover or forward flight, as well as ground delivery, all executed without personnel or infrastructure at the receiving site.\n\nDuring a July 15, 2026 demonstration, the aircraft dropped a 68-pound payload from a hover and a 70-pound payload from 65 feet in forward flight using pre-programmed software commands.\n\nProduction aircraft will be manufactured by Kratos Defense & Security Solutions in Sacramento, California under a recently announced manufacturing partnership.","key_figures":{"customDimensions":{"demo_date":"2026-07-15","drop_altitude_ft":65,"payload_weight_hover_drop_lbs":68,"manufacturing_announcement_date":"2026-07-20","payload_weight_forward_drop_lbs":70}},"named_entities":{"people":[{"name":"Andrew Clare","role":"CEO of Elroy Air"},{"name":"Mark Rodrigo","role":"Head of Federal Business Development at Elroy Air"}],"products":["Chaparral drone"],"companies":[{"name":"Elroy Air","relationship":"target of SPAC merger"},{"name":"U.S. Army","relationship":"customer/contract partner"},{"name":"Kratos Defense & Security Solutions","ticker":"KTOS","relationship":"manufacturing partner"},{"name":"Columbus Circle Capital Corp II","ticker":"CMII","relationship":"issuer / SPAC acquirer"},{"name":"Inflection Point Acquisition Corp VII","ticker":"IPXG","relationship":"post-merger entity name"},{"name":"Cohen & Company, Inc.","ticker":"COHN","relationship":"sponsor/advisor"},{"name":"Lockheed Martin Ventures","relationship":"strategic investor"}],"dollarAmounts":[]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-29T15:37:02.494Z","global_importance":25,"audience_relevance":30,"importance_components":{"tickerTier":"small-cap","spacContext":true,"eventGravity":"technical_validation","sectorWeight":"defense_tech"}},"durationMs":null,"modelName":"glm-4.7"}}