D-Orbit has agreed to merge with blank check company Breeze Holdings Acquisition (Nasdaq: BREZ) in a transaction that would result in the Italy-based space logistics provider becoming a publicly traded company.
The boards of directors of both companies unanimously approved the deal that is expected to wrap up in the second or third quarter of 2022 and gives the combined company a valuation of approximately $1.28 billion.
D-Orbit will list on Nasdaq under the ticker symbol “DOBT” upon the deal’s completion, which is subject to the approval by Breeze Holdings stockholders, government clearances and other customary closing conditions.
D-Orbit provides in-space satellite transportation services for commercial and institutional clients. The company has developed a space cloud infrastructure and an in-orbit satellite delivery platform called ION Satellite Carrier.
The transaction is expected to bring approximately $185 million in cash and D-Orbit plans to use the proceeds to further invest in its ION Satellite Carrier, in-orbit servicing platforms and space cloud infrastructure. The company also intends to expand into new space segments and pursue talent recruitment efforts to build new technologies.
A. Che Bolden, president and CEO of The Bolden Group, and Renee Wynn, former chief information officer at NASA, are expected to sit on the board of the publicly listed space logistics company.
J.P. Morgan Securities and K&L Gates respectively serve as financial and legal advisers to D-Orbit.
I-Bankers Securities advises Breeze Holdings on the transaction’s financial aspect, while Woolery & Co. and Schiff Hardin act as legal advisers to the special purpose acquisition company.