Powerus, a drone startup supported by Trump's sons, reverse merges into AGH, a shell company operating a golf course. Amid structural tailwinds of the Pentagon's $1.1B drone program and the Chinese DJI ban, fundamental risks of a 599:1 conversion ratio and zero revenue collide.
Aureus Greenway Holdings(AGH) is a micro-cap company operating two golf courses (Kissimmee Bay CC, Remington GC, totaling 289 acres) in Kissimmee, Florida. It raised $15M through an IPO on NASDAQ at $4/share in February 2025, but FY2024 revenue was $3.3M (down −8.3% YoY) and net loss was −$184K. FACT (Source: SEC S-1, StockAnalysis.com, 2025-02)
On March 8, 2026, AGH entered into a definitive merger agreement with Autonomous Power Corporation(d/b/a Powerus). Powerus will be incorporated as a 100% subsidiary of AGH, and AGH will change its name to "Powerus Corporation" and replace the ticker with PUSA. FACT (Source: SEC 8-K, GlobeNewsWire, 2026-03-09)
Each share of Powerus common stock is converted into 599.18 shares of AGH stock. This effectively means that Powerus founders/investors will secure the vast majority of the company's shares after the merger. In addition, up to 50 million shares of Earn-out stock will be additionally issued upon achievement of milestones. FACT
AGH is simultaneously conducting a private placement (PIPE) issuing 3,009,667 shares at $3.00/share to institutional/accredited investors, raising a total of $9.03M. Key participants are Unusual Machines(UMAC) and Agostinelli Group. The placement agent is Dominari Securities, a company in which Eric Trump and Donald Trump Jr. each hold ~6% stake. FACT (Source: SEC 8-K, DroneXL, 2026-03-09)
KCGI(Korea Corporate Governance Improvement Fund) has committed to invest $50M in Powerus common stock by April 6, 2026. However, this funding is expected to be executed through a fund called "Innovation & Growth ESG Fund" that does not appear to have been officially launched yet, so there is uncertainty about whether it will actually be implemented. RUMOR (Source: GlobeNewsWire, 2026-03-09)
① Powerus Founders (Andrew Fox, Brett Velicovich) — NASDAQ listing + large stock allocation + Earn-out upside. ② Trump Family — Multi-layered exposure through American Ventures, Dominari Securities, and UMAC. ③ KCGI — Strategic position with favorable terms. ④ Existing AGH Shareholders — Bear the greatest dilution burden. INFERENCE
Powerus (Legal Name: Autonomous Power Corporation) is a drone/defense startup founded in Delaware in 2025 and headquartered in West Palm Beach. Led by founders Andrew Fox (CEO-designate) and Brett Velicovich (COO-designate). FACT
In just one year since its founding, it has acquired three drone companies to form its business portfolio:
① Kaizen Aerospace — Heavyweight Unmanned Aircraft System (UAS). xFold platform with 500~1,000lb payload, NDAA compliant design. ② Tandem Defense — Tactical Defense Platform. ③ Agile Autonomy — Marine Surveillance Autonomous System. FACT (Source: GlobeNewsWire, Kaizen.aero, 2026-03-09)
Fox's most relevant previous experience is as the founder/CEO of NASDAQ-listed Charge Enterprises(CRGE). CRGE, an EV charging station company, was delisted from NASDAQ in February 2024 (share price below $1), filed for Chapter 11 bankruptcy in March 2024, and control was transferred to senior creditor Arena Investors in May 2024. Fox himself has admitted to having no experience in the drone field. FACT (Source: Bloomberg, InvestorPlace, 2024-03)
Powerus was not included in the 25 vendors selected for Phase 1 of the Pentagon's Drone Dominance Program (DDP). There are no publicly disclosed government contracts to date, and revenue figures have not been disclosed. FACT (Source: War.gov, DefenseScoop, 2026-02-03)
Eric Trump and Donald Trump Jr.