Business
Polyrizon Intends to Acquire up to 20% Stake in Colugo, Developer of Advanced eVTOL Drones for Defense and Urban Air Mobility Applications
The Company signed a non-binding MOU with shareholders of Colugo. Colugo’s customer include the Israel Defense Forces, national first responders organizations
About this update from Polyrizon Ltd.
[{"type":"text","content":"The Company signed a non-binding MOU with shareholders of Colugo. Colugo’s customer include the Israel Defense Forces, national first responders organizations and commercial companies Raanana, Israel, March 24, 2026 (GLOBE NEWSWIRE) -- Polyrizon Ltd. (Nasdaq: PLRZ) (“Polyrizon” or the “Company”), a pre-clinical-stage biotechnology company developing intranasal protective solutions, today announced the signing of a non-binding Memorandum of Understanding (“MOU”) with shareholders of Colugo Systems Ltd. (“Colugo”), an innovative Israeli developer of advanced electric Vertical Take-Off and Landing (eVTOL) drone systems, for the acquisition of up to 20% stake in Colugo. Established in 2016, Colugo designs and manufactures innovative aircraft that are designed to drive advancements in shaping aviation in the emerging Urban Air Mobility (UAM) market. Based on five unique patents in Adaptive Wing Technology (AWT), the company’s ARC aircraft range combine long-distance flight, prolonged hovering capabilities, and ultimate wind endurance in a vertical take-off and landing (VTOL) vehicle– a one-of-a-kind package that is unparalleled in the market. Colugo has significant field-proven success in providing air support and military-grade services for the defense, homeland security and disaster management sectors, including to the Israel Defense Forces, national first responders organizations and commercial companies. Under the terms of the MOU, two shareholders will sell to Polyrizon approximately 20% of the outstanding share capital of Colugo on a fully-diluted basis. The aggregate purchase price for the Colugo shares is up to US $6,000,000, either in cash or through the issuance of Polyrizon shares, as shall be mutually agreed upon in the definitive agreement. Polyrizon’s share price will be determined at the signing of the definitive agreement. The closing of Polyrizion acquisition of the Colugo shares is expected to occur promptly (and in any event within 7 days) following satisfaction of the conditions set forth in the MOU, including execution of a definitive agreement, required corporate approvals of both companies, and waiver or exercise of any right of first refusal or co-Sale rights of certain Colugo shareholders. The MOU will terminates upon the earlier of written notice of termination by either party or September 30, 2026, if the t...