Space-Eyes to list via $638 mln SPAC deal

Space-Eyes has signed a definitive business combination agreement with McKinley Acquisition Corp. to become a publicly listed company. The transaction assigns the combined company a pro-forma equity value of $638 million, assuming no redemptions from McKinley’s trust account and receipt of the initial $5 million tranche from a private investment in public equity, or PIPE. The boards of directors of both Space-Eyes and McKinley have unanimously approved the business combination. Closing is expected in the fourth quarter of 2026, subject to customary shareholder and regulatory approvals.

Upon completion of the merger, the combined company is expected to list on the Nasdaq under the ticker symbol CUAS. The structure follows the standard SPAC process, with Space-Eyes combining with McKinley, a listed acquisition vehicle, to achieve a public listing. The agreement formalizes the path to market for Space-Eyes as it seeks additional capital to scale its operations.

McKinley currently holds $176.7 million in trust capital. In addition, the parties have arranged for up to $75 million in PIPE financing under a securities purchase agreement signed on July 30, 2026. Combined, this capital could provide up to $251.7 million in gross proceeds, assuming full PIPE funding and no redemptions from trust. An initial $5 million tranche from the PIPE is expected to be funded upon filing of the merger registration statement.

Financing terms include the issuance of $5 million in senior secured convertible notes at the initial closing tied to that registration filing. These notes will bear annual interest of 10% and will mature in 2031. The transaction structure also includes warrants with an exercise price of $12.00 per share, subject to adjustment under agreed terms. This combination of trust capital, PIPE funding, convertible notes and warrants defines the capital framework for the proposed public entity.

Eric Trump has been identified as an investor in Space-Eyes and will serve as a strategic adviser to the combined company following the merger. Reporting describes him as a major private investor, including being characterized as the third-largest private investor in Space-Eyes. His involvement adds a high-profile individual to the investor and advisory group associated with the transaction.

The strategic adviser role is expected to accompany his investment position, though specific responsibilities have not been detailed in the transaction terms disclosed. His participation sits alongside institutional financing arrangements that comprise the trust and PIPE capital supporting the deal.

Space-Eyes is a Miami-based geospatial intelligence and defense-technology company. It develops AI-driven counter-unmanned aerial systems and geospatial intelligence platforms. The company focuses on technologies designed to detect, track and analyze aerial and spatial activity using artificial intelligence and related tools.

Reporting indicates that Space-Eyes has generated roughly $1 million in annual revenue to date. The company is negotiating contracts totaling around $35 million over five years, which would represent a significant increase compared with its existing awards of about $300,000 to $400,000 annually. This evolving contract pipeline provides context for the decision to access public capital markets through the SPAC merger with McKinley.