Eric Trump-backed Space-Eyes names new board ahead of IPO

Drone technology company Space-Eyes, backed by Eric Trump, will appoint a former Delta Force officer, a former Morgan Stanley investment banking chief and two others to its post-merger board as it prepares to become a public company, according to two people familiar with the matter.

The space technology provider Space-Eyes announced last month that it was set to go public through a merger with blank check company McKinley Acquisition Corp in the fourth quarter of this year. 

The agreement will see the combined value of the companies at $638 million based on the enterprise value of the operating company of $370 million.

The Miami-based company provides artificial intelligence-driven geospatial intelligence and counter-drone solutions for various governmental agencies.

The hiring is expected to increase the expertise of the company in national security, defence manufacturing, M&A transactions, capital markets and corporate governance amid its expansion plans into third-party manufacturing and international sales, people familiar with the matter said.

The prospective members of the board include the retired US Army lieutenant colonel Jim Reese, founder of security consulting firm TigerSwan; Terry Meguid, formerly in charge of investment banking globally for Morgan Stanley; management professor Harbir Singh of the Wharton School; and Norm Christensen, an aerospace entrepreneur, sources familiar with the talks say.

Reese served in the US Army for 25 years and was part of the 75th Ranger Regiment and Delta Force. Meguid was at Morgan Stanley for 25 years until he left in 2005 to join Perella Weinberg Partners.

Singh has long served on Space-Eyes' board and specialises in strategy, innovation and acquisitions, while Christensen previously owned aerospace manufacturer AAE Aerospace before its acquisition by Karman Space & Defence.

Eric Trump joined Space-Eyes in the second quarter as its third-largest investor and a strategic adviser. Company executives said in July that Trump helped introduce potential board candidates but would not serve on the board himself. His investment amount has not been disclosed.