Aureus Greenway Holdings, a Florida-based golf course operator, announced on Monday, March 9, 2026, a definitive agreement to acquire Autonomous Power, conducting business as Powerus. The transaction is structured as an all-stock deal, designed to facilitate a public listing for the combined company, which will be rebranded as Powerus Corp.
The merger represents a significant strategic pivot for Aureus, moving from leisure and recreation into the high-growth defense and autonomous systems sector. Powerus, founded in 2025, specializes in the development of heavy-lift drones and autonomous vessel systems. In contrast, Aureus reported revenue of $3.3 million in 2024 from its two Florida golf clubs, according to LSEG data.
Financing and Strategic Investment
To support the transaction, Aureus has arranged approximately $9.03 million in gross proceeds from a private placement. This financing involves a select group of investors, including Unusual Machines and the Agostinelli Group. Separately, South Korea's KCGI has committed to purchase $50 million worth of Powerus common stock by April 6, 2026, providing substantial capital for the merged company's operations.
The combined entity is targeting a listing on the Nasdaq Stock Market under the ticker symbol PUSA following the deal's closure, anticipated for summer 2026. Until the merger is finalized, Aureus will continue to trade under its current ticker, AGH. The company indicated that AGH shares surged 12.8% to $5.505 in premarket trading following the announcement.
Regulatory Hurdles and Deal Structure
The completion of the acquisition is contingent upon several conditions. These include clearance from the U.S. Securities and Exchange Commission regarding the share-issuance filing, approval from shareholders of both companies, Nasdaq's authorization for the new stock listing, and the successful closing of the financing arrangements. The agreement includes a walk-away clause for either party if the transaction is not completed by December 31, 2026.
The deal structure incorporates a performance-linked earn-out provision for former Powerus shareholders. They could receive an additional 42.5 million shares, potentially increasing to 50 million if another financing round closes prior to the merger. This arrangement introduces a risk of shareholder dilution, as noted in the regulatory filing.
Leadership and Market Context
Upon completion, Powerus's leadership is set to assume control of the combined company. The filing indicates that Fox will become chief executive and chairman, while Powerus will appoint all five directors to the post-merger board. Matthew J. Saker, interim CEO of Aureus, highlighted the strategic rationale, calling autonomous systems "front page news" due to geopolitical developments in the Middle East and noting Powerus brings experienced management and a platform targeting large-scale demand.
Brett Velicovich, a Powerus co-founder and U.S. Army special operations veteran, emphasized the company's combat-proven expertise, stating the team knows "what works" from direct operational experience. The deal aligns with increased Pentagon procurement priorities for drones, which have seen extensive deployment in conflict zones like Ukraine, and coincides with growing investments in the sector by Eric Trump and Donald Trump Jr.
Broader Market Reaction
The announcement spurred positive movement across related stocks. Unusual Machines, an investor in the private placement, saw its shares rise 7.6% in premarket activity. Larger publicly-traded peers in the defense and aerospace sector, AeroVironment and Kratos, also traded higher, gaining 4.2% and 1.7%, respectively.
This transaction underscores the continuing convergence of traditional industries with advanced technology sectors, as companies seek growth avenues in government and defense contracting. The successful listing of Powerus Corp. would mark a rapid transition from a private startup to a publicly-traded entity focused on the lucrative autonomous systems market.
