AIRO Group, parent company of Aspen Avionics, has confidentially filed a draft registration statement with the SEC (Securities and Exchange Commission) on the proposed initial 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 across its verticals.
The number and value of shares to be offered has yet to be determined, according to the company. The statement will become effective after the SEC has had a chance to review and approve the filing.
What It Means
With the merger of its six partner aerospace firms complete as of July, the conglomerate presses forward in the development of advanced avionics, electric air mobility, commercial drones, and training. AIRO Group CEO Joe Burns characterizes the group’s mission to leverage its expertise in certification, in particular, with brands such as Aspen and Jaunt Air Mobility.
“Operators are looking for a pedigree of certification and safety as well as robust, dynamic capabilities, efficiencies and quiet operations,” said Burns in an earlier statement released at EAA AirVenture. “AIRO is proud to have received numerous aircraft orders as well as multiple U.S. DOD contracts aimed at optimizing eVTOL speed and minimizing acoustic signatures for quiet operations.
“Certification is being driven out of AIRO’s Electric Air Mobility, Canadian office in Montreal and will be brought through the FAA’s process shortly thereafter.”
More Aspen Support
AIRO plans to key off of the success of Aspen Avionics in its certification of avionics, such as its Evolution series of electronic flight information systems, and take that into the broader aerospace market. A specific focus will be on advancing 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 glass to install as part of aftermarket upgrades as well as other applications.