West Palm Beach, Florida – Powerus, a drone technology company, is set to become publicly traded on the Nasdaq stock exchange under the ticker PUSA through a reverse merger with Aureus Greenway Holdings Inc. (AGH), a golf-course operator backed by Eric Trump and Donald Trump Jr. The strategic move aims to capitalize on growing Pentagon demand for domestically manufactured drones and the administration's ban on foreign-made drone components.
The merger will transform AGH, which currently operates two golf courses in Orlando, Florida, into a defense technology contractor focused on autonomous systems. "This business combination is not just a compelling opportunity for AGH stockholders, but one made even more relevant by current geopolitical uncertainties," stated Matthew Saker, AGH's interim Chief Executive Officer, in a press release. The golf courses are expected to continue operations and potentially serve as testing grounds for Powerus's agricultural and land-management drone applications.
Eric Trump and Donald Trump Jr. are significant investors in Powerus through their firm American Ventures and their investment bank, Dominari Securities, which holds approximately 6% stakes for each brother. The Trump sons' involvement has drawn scrutiny from ethics experts, who raise concerns about potential conflicts of interest given the current administration's policies on drone procurement. Virginia Burger, a senior defense policy analyst, noted that merging avoids an initial public offering, allowing for a "cheaper way around that accountability."
Powerus, co-founded by former U.S. Army Special Operations veterans, specializes in heavy-lift drones and autonomous maritime conversion technology. The company aims to fill a market gap created by the U.S. government's crackdown on foreign-made drones, particularly those from China. Powerus CEO Andrew Fox indicated the company is working towards an ambitious production target of over 10,000 drones per month, significantly more than most U.S. manufacturers.
The company recently secured a deal to sell interceptor drones to the Pentagon, with co-founder Brett Velicovich emphasizing the need for the U.S. to catch up in countering advanced drone threats. The merger is also supported by a $50 million stock purchase commitment from the Korea Climate and Governance Improvement Fund, further bolstering Powerus's capital for scaling manufacturing and acquisitions. This development aligns with the Pentagon's "Drone Dominance" initiative, a $1.1 billion campaign to deploy hundreds of thousands of U.S.-made drones by 2027.
