AIRO Announces Pricing of Its Initial Public Offering
Article content
ALBUQUERQUE, N.M. & MONTREAL & STØVRING, Denmark & WASHINGTON — AIRO Group Holdings, Inc. ('AIRO'), a company specializing in advanced aerospace and defense technologies, today announced the pricing of its initial public offering of 6,000,000 shares of its common stock at a public offering price of $10.00 per share. All shares of common stock are being offered by AIRO. The gross proceeds to AIRO from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by AIRO, are expected to be $60.0 million. AIRO has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares (solely to cover over-allotments, if any) of its common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Market under the ticker symbol 'AIRO' on June 13, 2025, and the offering is expected to close on June 16, 2025, subject to the satisfaction of customary closing conditions.
Article content
AIRO currently intends to use the net proceeds it receives from this offering, together with its existing cash and restricted cash to support growth initiatives across each segment, repay debt and general corporate purposes.
Article content
Cantor, BTIG, and Mizuho are acting as joint lead book-running managers for the proposed offering and Bancroft Capital is acting as book-running manager for the proposed offering.
Article content
A registration statement relating to the offering of securities was declared effective by the U.S. Securities and Exchange Commission on June 12, 2025. The offering is being made only by means of a final prospectus. When available, copies of the final prospectus relating to the offering may be obtained from: Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by email at prospectus@cantor.com; BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at prospectusdelivery@btig.com; and Mizuho Securities USA LLC, Attention: U.S. ECM Desk, 1271 Avenue of the Americas, New York, New York 10020, or by email at US-ECM@mizuhogroup.com.
Article content
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Article content
About AIRO
Article content
AIRO is a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21st century aerospace and defense opportunities. AIRO is organized into four operating segments, each of which represents a critical growth vector in the aerospace and defense market: Drones, Avionics, Training, and Electric Air Mobility.
Article content
Forward-Looking Statements
Article content
The statements contained in this press release that are not historical facts are forward-looking statements. You can identify forward-looking statements because they contain words such as 'believes,' 'expects,' 'may,' 'will,' 'should,' 'seeks,' 'intends,' 'plans,' 'estimates,' or 'anticipates,' or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements may be included throughout this press release, and include, but are not limited to, statements relating to AIRO's expected gross proceeds from the initial public offering, the expected use of proceeds from such initial public offering, the expected date for AIRO's common stock to begin trading on the Nasdaq Global Market and the expected closing of the initial public offering. By their nature, forward-looking statements are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. AIRO's expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date of this release. AIRO undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Article content
Article content
Article content
Article content
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Montreal Gazette
an hour ago
- Montreal Gazette
Montreal asking rents up 71% since 2019: Statistics Canada
By Asking rents for Montreal-area apartments have soared by hundreds of dollars per month since the beginning of the pandemic, Statistics Canada reported Wednesday. The asking rent for the average two-bedroom apartment increased by 71 per cent from 2019 to 2025, with the typical unit now going for $1,930 compared with $1,130 in 2019. One-bedroom apartments saw a 57 per cent increase from $980 in 2019 to $1,540 in 2025. The report notes that asking rents tend to be higher than rents paid by long-term tenants, and offer a picture of current market trends. The data comes on the heels of figures reported last week by the Canada Mortgage and Housing Corporation (CMHC) that paint a similarly bleak picture of housing affordability in a post-pandemic Montreal. The national housing agency's report shows that mortgage costs and expenses for newly purchased homes in the Montreal area sat at 48 per cent of the average income as of 2024, compared with 34 per cent in 2019 — the worst deterioration in housing affordability of any major centre in the country. For the CMHC, the solution to rising unaffordability lies in increasing supply. 'There's a lot of things we can do to help foster more supply,' CMHC chief economist Matthieu Laberge said. According to the agency's model, Montreal-area builders would need to start work on about 72,000 units every year until 2035 to return to the 34 per cent housing-to-income ratio homeowners enjoyed in 2019. But the report says the area is only on track to build less than a third of those units — around 23,000 per year. 'We can't keep doing the same things we've always done,' Laberge said, suggesting affordability can be restored via 'new ways of building, like modular or prefabricated' housing. Regulations restricting housing also need easing, he said. But a McGill urban planning professor was skeptical, saying increased supply was no antidote to unaffordability. 'This whole idea that building more luxury housing means that we're going to have more affordable housing doesn't actually hold out,' Anna Kramer said. 'I'm extremely skeptical of those supply side reports that are put out by the CMHC and others, because it's really favouring the for-profit development industry,' she said. 'The larger picture is that housing is being financialized,' with developers' goals of increasing profits at odds with solutions to unaffordability. 'Instead of just saying a number of housing units,' Kramer said policy-makers need to make sure that the right types of units are being built — and ensure they stay at the right prices through measures including stronger rent control. She criticized Quebec's 2025 rent guidelines, which called for 5.9 per cent rent increases for units that don't include heating, leaving room for even higher increases in some cases. 'I'm always a bit cautious when I talk about financialization,' Laberge said, given that housing investments are often a way to save money and fund retirements. Though he said affordability would improve if housing became a less attractive investment, he pointed to remote work as a major reason that high housing costs spread to cities including Montreal. During the pandemic, Laberge said people from Vancouver and Toronto — where housing unaffordability was already prevalent — moved to places like Montreal. 'They went elsewhere in the country and propagated the affordability crisis,' he said. Increasing supply would return affordability to pre-pandemic levels across the country, Laberge said, creating acceptable conditions everywhere but Toronto and Vancouver, where he said more significant change is needed. Housing costs in those cities continue to top Montreal by a wide margin. Two-bedroom apartments are now listed at an average of $3,170 in Vancouver and $2,560 in Toronto, though average asking rents have slightly decreased in recent months in both cities. This story was originally published June 25, 2025 at 4:00 PM.
CTV News
an hour ago
- CTV News
Montreal Jewish museum reopens century-old sewing shop as a pop-up exhibit
H. Fisher & Fils, a sewing supply shop located on St-Laurent Boulevard, in Montreal on Wednesday, June 25, 2025. The Museum of Jewish Montreal has created an exhibit with tours to explore the history of the shop, which was open from 1922-2022. THE CANADIAN PRESS/Christinne Muschi MONTREAL — For 100 years, H. Fisher & Fils was a fixture of Montreal's garment industry, serving up orders of buttons, bolts of cloth and sewing supplies from its storefront on St-Laurent Boulevard in the city's Plateau neighbourhood. As the area transformed and other garment stores moved away, H. Fisher & Fils remained, operated until 2022 by Esther Fisher, the widow of the original owner's son. Earlier this month, the store reopened, but this time with a transformation of its own: as a pop-up museum exhibit and heritage space paying tribute to Montreal's garment industry and its role in the city's Jewish community. The space appears largely unchanged from its working days. Fisher and her husband Mitch seem to have rarely thrown anything away, from vintage sewing machines and old cash registers on the counters to old newspaper clippings on the wall. 'There's been so much change in this neighbourhood and you can't necessarily feel that anymore, and this is a really tactile and physical way to understand what once was,' said Taryn Fleischmann, cultural programming and exhibitions co-ordinator for the Museum of Jewish Montreal, which opened the space earlier this month. 'I think it's a really accessible way to comprehend our history, and it would be like a shame to let that go.' When it opened in 1922, the store was one of many garment businesses on and around St-Laurent Boulevard -- known as the Main. They were often owned and staffed by Jewish tailors and seamstresses who had arrived from Eastern Europe. While it originally opened a few blocks away, it soon moved to the modest storefront where the exhibit now resides, with the Fisher family living in the apartment above. It was a notions supply store, meaning it didn't make garments but rather provided the supplies to customers including the Cirque du Soleil, opera productions, suit-makers and fashion schools. Guests who step into the museum are greeted by rolls of cloth running from floor to ceiling, while shelves and boxes are packed with zippers, snaps and other supplies. A screen plays a brief interview with Esther Fisher, filmed when she was in her 90s. In the clip, she described taking over the store after her husband's death, with little formal work experience outside of raising her children. Fisher, who died shortly after the store closed in 2022, is a presence throughout the space. Her handwriting and that of her husband, Mitch, is scrawled on the walls, the order sheets, the ledger that sits on the counter, and on the labels affixed to bolts of cloth. Guests who book a tour with the museum are encouraged to touch the cloth swatches, spools of thread and button and zipper samples. 'I think it's a very sensory experience as well as a learning experience,' said Austin Henderson, the museum's arts programming and communications manager. 'I think it's a great way for people to feel history, to touch it, to see it with their own eyes as opposed to behind a display case or perhaps in a more conventional museum space.' While the museum plans to eventually add more exhibit features, including stories collected from people who knew the Fisher family, Henderson says he enjoys the personal touches. His favourite object has nothing to do with sewing: it's a coffee mug stuffed with tools and utensils customers left behind. Fleischmann said the store is part of the shmata industry -- Yiddish for rag or cloth -- and which was an important source of jobs and security for Jewish immigrants in the early 20th century. 'I think that a lot of individuals who are not so tied to the community don't realize that a huge reason why Jewish immigrants came to Montreal was for the garment industry history,' she said. 'A lot of seamstresses in Eastern Europe, they had to flee, and came here and took up jobs in a similar way.' In the 19th and 20th centuries, St-Laurent Boulevard was home to successive waves of immigrants who lived, worked and set up shop in the dense, bustling neighbourhood. Over time, Jewish immigrants spread out to different parts of the city, while the garment industry moved northwest, to an area above Highway 40. Today, the street is lined with trendy restaurants, boutiques and cafés rather than sewing shops. 'This store, as it stands, is really the last fixture of that specific time,' Fleischmann said. This report by The Canadian Press was first published June 30, 2025. Morgan Lowrie, The Canadian Press
Globe and Mail
15 hours ago
- Globe and Mail
Judge moves forward with Tim Hortons Roll Up to Win class action for Quebec residents
A judge has authorized a class-action lawsuit over emails Tim Hortons sent out in error to participants in its popular Roll Up to Win promotion – but only for Quebec residents. Montreal-based firm LPC Avocats claims some half-million customers across Canada received an email in April 2024 saying they had won a boat through the promotion, only to be told later this wasn't the case. The law firm says those clients should be awarded the boat and trailer they were told they won, plus damages. It says the prize's value is about $64,000. Superior Court Justice Donald Bisson ruled last week that the class action can move forward, but limited it to Quebec residents because the case hinges on that province's consumer protection laws. 'Indeed, and among other things, according to the court, refusing to give the boats to those who were told they had won them – and even not offering them anything else – could destroy the public's trust in mobile app contests and justifies the claim for requested punitive damages,' Bisson wrote in a judgment dated Friday. The ruling cited statements by people who described celebrating the news of their 'win' with family and Tim Hortons staff, only to be crushed to learn later that they hadn't won. In a phone interview, lawyer Joey Zukran said the company didn't offer customers 'even one free coffee' in return for the mistake. 'They took the loyalty of their customers for granted, they laughed at them, instead of offering them some form of compensation that maybe would have prevented the filing of a class action,' he said in a phone interview. He says the Quebec consumer protection law states merchants and not customers should be held responsible for errors. A spokesperson for Tim Hortons says the company apologized last year to the customers who received the email, and declined to comment further because the case is before the courts. 'We apologized last year after some guests received an email in which some prizes that they did not win were included in their contest recap,' communications director Michael Oliveira wrote in an email on Sunday. 'We know that the millions of prizes won in the contest were distributed to winners accurately and as per our contest rules.' According to the court decision, the lead plaintiff in the suit received an email on April 17, 2024 informing him that he'd won a Tracker Targa 18 WT 2024 boat and its trailer as part of the Roll Up To Win promotion. Later that day, the company sent out a second email blaming 'technical errors' for the fact that clients had been incorrectly informed they'd won certain prizes. The company also apologized for the frustration. According to Friday's decision, the company argued in part that the communications did not constitute a consumer contract, and therefore should not fall under consumer protection laws. Bisson rejected that argument, noting the promotion required consumers to purchase something to enter. However, he said the company would have the opportunity to argue its case in detail when it is heard on its merits. The judge added that 'an error in Tim Hortons' declaration or a defect in its systems does not exempt it from liability' under Quebec consumer protection laws. Zukran says he isn't sure how many people will be members of the lawsuit under the narrowed criteria. He said he has three months to file the formal lawsuit, called an originating application. The litigation could take a few years to wind its way through the courts unless the company settles, he added.
