D-Orbit to go public in U.S. via $1.28 billion SPAC deal

YD Bio

27/01/2022 13:28

Jan 27 (Reuters) - Italian space logistics firm D-Orbit said
on Thursday it will go public in the United States through a
merger with a blank-check firm in a deal valuing the company at
$1.28 billion, including debt. 
    The deal with Breeze Holdings Acquisition Corp  BREZ.O  will
provide D-Orbit with up to $185 million in gross proceeds,
including $29 million in binding convertible debt financing
provided by venture capital firm ATW Partners.
    D-Orbit, founded in 2011, is a developer of space
infrastructure technology and transportation products, including
space vehicles.  
    The company intends to use the funds from the deal to
accelerate investments in its flagship ION Satellite Carrier and
increase its space cloud infrastructure capabilities. D-Orbit
also said it will look to expand its operations into new space
segments. 
    SPACs are publicly-listed companies formed with the
intention of merging with a private company at a later date. For
the company going public, a SPAC merger serves as an alternative
to a traditional IPO.
   After the deal closes, expected towards the second or third
quarter of this year, D-Orbit will list on the Nasdaq under the
ticker symbol "DOBT".

 (Reporting by Manya Saini in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Manya.Saini@thomsonreuters.com;))