AeroVironment closes BlueHalo acquisition; BlueHalo has $729M debt due, going concern doubt

AeroVironment Inc

Acquisition closed May 1; enterprise value ~$4.1B; AV issues ~18.5M shares, BlueHalo holders get 39.5% of combined co.
BlueHalo FY2024 revenue $794.8M, net loss $77.4M; FY2023 revenue $557.5M, net loss $59.1M.
BlueHalo has $729.4M current portion of notes payable; auditor raised substantial doubt about going concern.
AV drew $700M term loan and $225M revolver to finance acquisition and refinance BlueHalo debt.
Unaudited pro forma financials filed; BlueHalo also acquired Eqlipse in March 2024 for $729.9M equity.

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