AIRO Group, the parent company of Aspen Avionics, has filed a confidential draft registration statement with the SEC (Securities and Exchange Commission) regarding the proposed public offering of its common stock.
In a statement released Monday, the aerospace consortium made clear its plans to initiate the IPO process as it seeks growth opportunities in its industries.
According to the company, the number and value of the shares to be offered have not yet been determined. The statement will become effective after the SEC has had an opportunity to review and approve the filing.
What it means
With the merger of its six aerospace partners, completed in July, the conglomerate is driving the development of advanced avionics, electric air mobility, commercial drones and education. Joe Burns, CEO of AIRO Group, characterizes the group’s mission to leverage its expertise in certification, particularly with brands like Aspen and Jaunt Air Mobility.
“Operators are looking for a pedigree of certification and safety, as well as robust, dynamic capabilities, efficiency and quiet operation,” Burns said in a previous statement released at EAA AirVenture. “AIRO is proud to have received numerous aircraft orders as well as multiple US DOD contracts aimed at optimizing eVTOL speed and minimizing acoustic signatures for quiet operation.
“Certification will exit from AIRO’s Canadian Electric Air Mobility office in Montreal and will be passed through the FAA’s process shortly thereafter.”
More Aspen support
AIRO plans to capitalize on Aspen Avionics’ success in certifying avionics, such as the Evolution series electronic flight information systems, and bring it to the broader aerospace market. A particular focus is on the further development of autonomous flight and the safe and efficient integration of avionics into electric and other urban air mobility platforms.
AIRO will continue to serve the general and business aviation markets with a wide range of lenses that can be installed as part of aftermarket upgrades as well as for other applications.
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