01:59 PM EDT, 08/30/2024 (MT Newswires) -- Drone Delivery Canada ( TAKOF ) said Friday it closed its merger with Volatus Aerospace ( VLTTF ) , making Volatus a wholly-owned subsidiary of the company.

The merger combines Volatus' commercialization expertise with Drone Delivery Canada's ( TAKOF ) remote operations and logistics technology.

The company will change its name to "Volatus Aerospace Inc.", leveraging the strength of the Volatus brand while maintaining Drone Delivery Canada's ( TAKOF ) brand for cargo operations.

The shares of the company will continue to trade under the stock ticker symbols FLT on the TSX Venture Exchange.

Shares of the company are expected to start trading on the Venture Exchange under the new name on or about Sept. 5.

The merger was structured as a 50/50 merger of equals with shareholders of both companies owning approximately 50% of the company.

The company's shares were last seen unchanged at $0.17.