SPACovirus Sweeps Space Sector

Richard Branson celebrates the first Virgin Galactic trade on the New York Stock Exchange. (Credit Virgin Galactic)
Wall Street’s latest easy money craze has attracted a growing number of space companies. But, just because they can go public, should they?

by Douglas Messier
Managing Editor

Seven space companies have gotten caught up in the SPACovirus sweeping through Wall Street. The impact on the space industry is going to be interesting to watch.

A SPAC is a special purpose acquisition company. It’s a publicly traded investment firm that, with outside investors, acquires or merges with another company, and then takes the acquisition public under its own name.

(more…)

Why Virgin Galactic Went SPAC

Richard Branson celebrates the first Virgin Galactic trade on the New York Stock Exchange. (Credit Virgin Galactic)

by Douglas Messier
Managing Editor

During the SmallSat Symposium last week, Richard Branson was asked why Virgin Galactic had gone public using a special purpose acquisition company (SPAC).

“I’m impatient. The SPAC gets through all of the rigmarole of public companies. Yes, I thought, that’s great, let’s do it,” he replied.

Branson was half right. A SPAC makes it a lot easier for a company to go public. But, impatience was probably not the main reason Virgin Galactic went SPAC.

(more…)

Saudi Astronaut Appointed to Head Kingdom’s New Space Agency

Sultan bin Salman bin Abdulaziz Al Saud (Credit: NASA)

Saudi King Salman bin Abdulaziz Al Saud has appointed his nation’s first – and thus far, only – astronaut to head up a newly created national space agency.

Prince Sultan bin Salman, who flew into orbit aboard the space shuttle Discovery in 1985, was appointed to the position. Salam, 62, is one of the king’s second son.

As a payload specialist aboard the flight, Salam helped to deploy the ARABSAT-1B satellite from the shuttle’s cargo bay for the Arab Satellite Communications Organization (ARABSAT). His flight marked the first time an Arab, a Muslim and a member of a royal family traveled to space.

(more…)