How Powerus’s PUSA Stock Reached Solana a Day After Its Nasdaq Merger

Powerus reached Solana in a separate step from its merger: the Oct. 1, 2026 deal made the drone company the operating business of a Nasdaq-listed company, while Backpack Securities issued a tokenized version of PUSA on Solana through Sunrise the following day. The on-chain token did not replace the Nasdaq listing. 1246

How the merger put Powerus on Nasdaq

Autonomous Power Corporation, which does business as Powerus, merged into a subsidiary of Aureus Greenway Holdings. Powerus continued as the surviving business, Aureus Greenway took the Powerus Corporation name, and the combined company continued trading on the Nasdaq Capital Market under PUSA. Aureus Greenway had been a golf-course operator. 12

The distinction matters: the merger brought Powerus into the existing public-company listing; the Solana launch was a later distribution of a tokenized version of the stock. 14

What Powerus does—and what remains a plan

Powerus is a drone and unmanned-systems company formed in 2025. Its business includes drones for commercial uses as well as defense and counter-drone applications. Company executives have also discussed plans to bring Ukrainian and other foreign drone technology to the United States; those plans should not be confused with completed deals or established sales.

What has been reported about financing and investors

Merger materials filed with the SEC named American Venture Partners, Eric Trump and Donald Trump Jr. among notable investors, cited support from drone maker Unusual Machines, and referred to a strategic $50 million investment.

A Reuters report about the planned merger separately described an effort to raise about $9 million, with Dominari Securities engaged to help. The available reports do not reconcile these figures or establish how much financing was ultimately funded, on what terms, or whether the descriptions refer to the same financing.

What the Solana token represents

Backpack Securities issued the tokenized PUSA share through Sunrise on Solana on Oct. 2; Sunrise reportedly listed it at 14:56 UTC. Powerus described the token as redeemable one-for-one for its Nasdaq-listed common share and tradable outside regular Nasdaq hours, including weekends and holidays. 416

A one-for-one redemption description is not a complete guide to who can use the token or how redemption works. The available materials do not set out all eligibility rules, fees, account requirements, or redemption procedures. A report says the token could be transferred into traditional brokerage holdings, but investors should verify the current terms with the issuer and platform rather than assume access or redemption is automatic. 17

Launch volume: reports use different snapshots

Reports put Solana trading volume at about $8 million in the first four hours and $9.1 million by the afternoon of Oct. 2. These are reported figures from different snapshots, not independently verified totals, and should not be treated as directly interchangeable. 78

What the launch says about tokenized stocks

PUSA’s quick move from a conventional listing to a blockchain-based representation shows how tokenization can add an on-chain trading route alongside a public-market listing. Other providers also offer tokenized equities, but access and product terms can differ across platforms and jurisdictions.

For investors, the central point is that a token described as redeemable for a listed share is not automatically identical in practical use to buying that share through a conventional brokerage. Check the specific issuer’s redemption, access, and trading terms before treating the two routes as interchangeable.