D-Orbit, the Italian provider of logistics and transportation services for the satellite industry, plans to go public through a SPAC.
D-Orbit, the Italian provider of logistics and transportation services for the satellite industry, plans to go public through a special purpose acquisition company, Breeze Holdings. (BREZ)
In turn, the combined company plans to partner with Charles F. Bolden Group, a space and aerospace company run by the former NASA administrator.
Breeze Holdings, Irving, Texas, will merge with D-Orbit, Fino Mornasco, Italy, creating a company with an enterprise value of $1.28 billion. The new company is expected to trade on Nasdaq under the ticker symbol DOBT.
D-Orbit says it provides what it calls satellite as a service, enabling efforts like positioning satellites in orbit faster and deploying multiple satellite groups in multiple orbits on a single mission. These services, it says, require fewer satellite launches, reducing propulsion and other costs.
The company “enables customers to optimize satellite constellations, transporting their satellites into orbital positions not reachable today with standard ride-share launches,” D-Orbit said in a statement.
D-Orbit said it was also developing services to support edge-cloud-computing systems that require satellite infrastructure. And it sees opportunities for services like removal, recycling and disposal of debris found in space.
The company has launched six missions over the past 15 months and has two planned for first-half 2022. D-Orbit’s mission backlog totals $21.5 million, with $167 million of contracts in negotiation and a $1.2 billion pipeline. Revenue in 2021 for D-Orbit was $3.4 million.
At closing D-Orbit should get about $185 million of cash from the deal, including a $29 million convertible debt financing provided by ATW Partners, the New York venture-capital and private-equity firm.
The boards of D-Orbit and Breeze Holdings have approved the terms. The companies expect to close the deal in the second or third quarter, subject to conditions including, among others, governmental clearances and a vote of Breeze holders.
