Space-Eyes and McKinley plan SPAC merger with $638M equity value

Space-Eyes, Inc. and McKinley Acquisition Corp. (Nasdaq: MKLY) have entered into a definitive business combination agreement that would take Space-Eyes public on Nasdaq under the ticker symbol CUAS, according to a press release issued July 31, 2026.

The transaction assigns Space-Eyes a pro-forma equity value of $638 million, assuming no redemptions from McKinley's trust account and receipt of the initial $5 million tranche from a private investment in public equity (PIPE) financing. The implied enterprise value is $370 million. McKinley holds $176.7 million in trust capital.

To support the transaction, McKinley secured up to $75 million through a Securities Purchase Agreement signed July 30, 2026. An initial $5 million in senior secured convertible notes will be issued upon filing of the registration statement. The notes carry a 10% annual interest rate and mature in 2031. Warrants issued under the agreement carry an exercise price of $12.00 per share, subject to adjustment.

The deal was unanimously approved by the boards of both companies and is expected to close in the fourth quarter of 2026, pending regulatory approvals and shareholder votes.

Space-Eyes develops counter-unmanned aerial systems and geospatial intelligence platforms. Its technology integrates radar, radio frequency, electro-optical and infrared sensors, and satellite data through a proprietary AI fusion engine called CATE AI. The company states its platforms are sensor-agnostic and target customers in defense, border security, critical infrastructure, and enterprise sectors.

Eric Trump has been named a strategic adviser and investor in the transaction. "The technology Space-Eyes is developing is absolutely critical for the safety of our nation," Trump said in the statement.

Clear Street LLC is serving as lead financial adviser and placement agent. Alexander Capital is acting as co-adviser and placement agent.

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