Aureus Greenway Holdings Inc. (NASDAQ:AGH) shares are trading higher Monday after the company announced a definitive merger agreement with Powerus.
Aureus Greenway To Merge With Powerus
Under the terms of the agreement, Autonomous Power Corporation, doing business as Powerus, will merge with and into a newly formed subsidiary of Aureus Greenway, with Powerus continuing as the surviving entity. Following the transaction, the combined company will operate under the name Powerus Corporation and is expected to trade on Nasdaq under the ticker "PUSA." AGH shares will continue trading under the ticker "AGH" until the transaction is completed.
The companies said the combination aims to advance domestic drone manufacturing and autonomous systems development for military and commercial applications.
"Powerus was built by individuals who have spent years operating in active combat environments where this technology must perform," said Brett Velicovich, co-founder of Powerus and a former U.S. Army special operations veteran.
The merger was unanimously approved by the boards of directors of both companies and a majority of each company's stockholders. The transaction remains subject to customary closing conditions, including regulatory approvals and the effectiveness of a registration statement on Form S-4.
The companies expect the merger to close in the summer of 2026.
Separately, Aureus Greenway announced a private placement of approximately 3,009,667 shares to institutional and accredited investors at $3.00 per share, which is expected to generate gross proceeds of about $9.0 million before fees and expenses.
Aureus Greenway Shares Trade Higher
AGH Price Action: At the time of writing, Aureus shares are trading 8.61% higher at $5.30, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
