Drone Volt secures a €6 million bond facility, with a dilution risk in the event of default
On 5 November 2026, the civil professional drone manufacturer signed a bond issuance agreement with the Multi Strategies SICAV-RAIF fund, under which a first tranche of €300,000 was subscribed the same day.
Presented by the company as “non-dilutive”, the arrangement nevertheless provides for a capital increase reserved for the fund in the event of default.
Financing earmarked for the operating cycle
According to the press release, this financing is intended in particular to allow Drone Volt to finance its operating cycle, in a context of growing demand for activities that the company presents as “high-margin”. The Drone Volt Factory, Services & Academy activity grew by 26% over the first nine months of fiscal year 2026.
The company states that this trajectory “should accelerate further in the coming months”, citing in particular the order from Sol.One, which covers a minimum of €10 million per year for five consecutive years.
Marc Courcelle, Chief Executive Officer of Drone Volt, stated: “We have chosen to strengthen the financing of our operating cycle. We now have sufficient room to maneuver to respond calmly to the strong growth in demand for our solutions and services.”
Two-year repayment, capital increase in the event of default
Each bond, with a nominal value of €10,000, matures 24 months after its issue and is amortized in fifty-two equal installments, paid every two weeks. The bonds may be subscribed from 30 October 2026 to 29 October 2027 and bear annual interest of 8%, payable with each installment.
A moratorium applies until 10 December 2026 on repayment of principal as well as payment of interest: unpaid installments will be spread over the following ones and interest will be capitalized. Repayment is due in cash.
In the event of a default provided for in the contract, in particular a payment default, the outstanding principal immediately becomes due and payable.
The fund may then demand a capital increase of which it would be the sole subscriber, by set-off against its receivable, at a price equal to the average of the volume-weighted average prices of three sessions chosen from the twenty preceding ones, less 15%.
By way of illustration, a capital increase covering the entire principal of the 600 bonds, at €0.17612 per share, would result in the issue of 34,067,681 new shares. A shareholder holding 1% of the capital would drop to 0.73%, and the equity per share as of 30 June 2026 would fall from €0.33 to €0.30.
