Italy-based space logistics provider D-Orbit and Breeze Holdings Acquisition (Nasdaq: BREZ), a special purpose acquisition company, have agreed to drop their plans to merge due to changes in market conditions.
In January, the two companies entered into a merger agreement that would result in D-Orbit becoming a publicly traded company with an enterprise value of about $1.28 billion.
D-Orbit CEO Luca Rossettini said in a statement published Friday the company remains confident about its continued growth amid market conditions and decision to cancel the proposed combination.
“Just this year alone, we have completed more missions than any of our peers, expanded and diversified our customer base across four continents with even more blue-chip companies looking to use our services, secured 11 additional slots with SpaceX and other global launch providers for 2023 and continued to build out the next phase of our In-Orbit Servicing technology, which is also generating revenues from early adopters within institutional and commercial space operators,” Rossettini added.
Since the announcement of the planned merger, D-Orbit has launched three additional ION Satellite Carrier missions, brought over 80 client payloads into orbit and deployed D-Orbit Space Cloud platform.