WASHINGTON (C5 Acquisition Corporation PR) — C5 Acquisition Corporation (the “Company”), a special purpose acquisition company, announced the closing of its initial public offering of 28,750,000 units at a price of $10.00 per unit, including 3,750,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, on January 11, 2022. The units were listed on the New York Stock Exchange and began trading under the ticker symbol “CXAC.U” on January 7, 2022.
Each unit consists of one share of Class A common stock of the Company and one-half of one redeemable public warrant. Each whole public warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and public warrants are expected to be listed on the New York Stock Exchange under the symbols “CXAC” and “CXAC WS,” respectively.
Virgin Orbit’s debut on the NASDAQ stock exchange wasn’t exactly stellar.
The stock opened at $9.18 when trading began on Thursday, Dec. 30. It reached a low of $8.04 when trading ended the following day befrore rising to $8.30 in after-hours trading.
Richard Branson’s launch company went public after merging with NextGen Acquisition Corp. II, a special purpose acquisition company (SPAC) that was already traded on NASDAQ. The merger allowed Virgin Orbit to go public on the exchange under its own name.
NextGen stock was trading at $9.68 when the merger deal was announced on Aug. 23.
A SPAC is a “blank check company” that is essentially an investment vehicle that is traded on the stock exchange. SPACs typically have two years to find a private company with which to merge and take public. If they don’t, then investors can received their money back. Investors also have the option to sell their shares back to the company if they don’t like the deal, which is what happened with the NextGen-Virgin Orbit merger.
As a result, Virgin Orbit will received only $228 million of the $483 million in growth capital it had expected when the deal was announced in August. The Virgin Group and other investors had to put more money into the merger to meet the $100 million cash requirement for the deal.
In a clear sign of investor skepticism, Richard Branson’s Virgin Orbit will receive only about $228 million of the $483 million in growth capital it expected after merging with the NextGen Acquisition II special purpose acquisition company (SPAC).
Virgin Orbit has delayed its next satellite launch, originally set for Wednesday, Dec. 22, to next month. The launch will come after shareholders of NextGen Acquisition Corp. II vote on Dec. 28 on whether to merge with Richard Branson’s launch services provider.
The merger with the special purpose acquisition company would allow Virgin Orbit to go public on Nasdaq under its own name. The deal will provide $483 million in capital to allow the company to grow.
A class action lawsuit was filed in New York on Dec. 7 alleging securities fraud by Virgin Galactic, which went public on the New York Stock Exchange (NYSE) in October 2019 after merging with Chamath Palihapitiya’s Social Capital Hedosophia (SCH).
Named in the lawsuit are Virgin Galactic Holdings, CEO Michael Colglazier, former CEO George Whitesides, former current chief financial officer Doug Ahrens, and former chief financial officer Jon Compagna.
The lawsuit was filed amid years-long delays in the start of commercial human suborbital flights that have caused a sharp decline in the value of the stock. Virgin Galactic began trading on the New York Stock Exchange at an opening price of $12.34 on Oct. 28, 2019. The stock is now trading at $14.46 having previously soared to a high of $62.80.
$50 million PIPE with participation from AE Industrial Partners, Beach Point Capital, Daniel Staton and Lockheed Martin
$75 million of additional financial commitments from Francisco Partners and Beach Point Capital
Transaction expected to close in first quarter of 2022
New York, NY. and BOCA RATON, FL. (October 28, 2021) — Tailwind Two Acquisition Corp. (NYSE:TWNT) (“Tailwind Two”), a special purpose acquisition company, and Terran Orbital Corporation, the global leader and pioneer in the development, innovation and operation of small satellites and earth observation solutions, jointly announced today that they have entered into a definitive business combination agreement. Upon the closing of the transaction, the combined company (the “Company”) will operate as Terran Orbital Corporation, with plans to list on the NYSE under the symbol LLAP. The pro forma total enterprise value of the combined companies is approximately $1.58 billion. The transaction is expected to close in the first quarter of 2022.
Shares of space infrastructure and manufacturing conglomerate Redwire (RDW) surged by 16.57 percent on Friday during the company’s first day of trading on the New York Stock Exchange. The stock price rose by $1.74 to $12.24.
The debut came after shareholders of Genesis Park Acquisition Corp. overwhelmingly backed a merger with Redwire on Wednesday. Genesis Park was a special purpose acquisition company (SPAC) that was already traded on NYSE that was established by investors with the goal of finding a company with which to merge and take public.
JACKSONVILLE, Fla. and HOUSTON, Sept. 1, 2021 (Genesis Park PR) — Genesis Park Acquisition Corp. (“GPAC”) (NYSE: GNPK), a U.S. publicly-traded special purpose acquisition company, and Redwire, LLC (“Redwire” or the “Company”), a leader in mission critical space solutions and high reliability components for the next generation space economy, announced that at GPAC’s extraordinary general meeting held today (the “Extraordinary General Meeting”), GPAC’s shareholders voted to approve the previously announced proposed business combination between GPAC and Redwire (the “Business Combination”), as well as all other proposals related to the Business Combination. Approximately 97% of the votes cast at the meeting, representing approximately 73% of GPAC’s outstanding shares as of the record date, voted to approve the Business Combination.
LONG BEACH, Calif. (Vector Acquisition Corp. PR) — Vector Acquisition Corporation (Nasdaq: VACQ) (“Vector”), a publicly traded special purpose acquisition company backed by leading technology investor Vector Capital, today announced that its Annual Meeting of the Company’s shareholders (“Annual Meeting”) to consider the previously announced business combination (“Business Combination”) with Rocket Lab USA, Inc. (“Rocket Lab”), a global leader in launch and space systems, has been set for August 20, 2021. Shareholders of record as of the close of business on June 30, 2021 (“Record Date”) are eligible to vote at the Annual Meeting.
WASHINGTON, D.C., July 13, 2021 (SEC PR) — The Securities and Exchange Commission today announced charges against special purpose acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, its CEO Brian Kabot, the SPAC’s proposed merger target Momentus Inc., and Momentus’s founder and former CEO Mikhail Kokorich for misleading claims about Momentus’s technology and about national security risks associated with Kokorich. The SEC’s litigation is proceeding against Kokorich, against whom the SEC filed a complaint in the U.S. District Court for the District of Columbia. All other parties are settling with the SEC, with terms including total penalties of more than $8 million, tailored investor protection undertakings, and the SPAC sponsor’s forfeiture of founder’s shares it stands to receive if the merger, currently scheduled for August 2021, is approved.
The United States reclaimed the top spot in launches from China last year as NASA astronauts flew into orbit from American soil for the first time in nearly nine years, SpaceX deployed the world’s first satellite mega-constellation with reused rockets, and two new launchers debuted with less than stellar results.
American companies conducted 44 launches in 2020, with 40 successes and four failures. Bryce Tech reports that U.S. companies accounted for 32 of the 41 commercial launches conducted last year. The majority of those flights were conducted by SpaceX, which launched 25 orbital missions.
China came in second with a record of 35 successful launches and four failures. The 39 launch attempts tied that nation’s previous record for flights during a calendar year.
Let’s take a closer look at what U.S. companies achieved last year.
Following in the footsteps of its sister company, Virgin Orbit is preparing to go public through a merger with a special purpose acquisition company (SPAC), Sky News reports.
Sky News can reveal that Virgin Orbit is close to finalising a deal to combine with NextGen Acquisition II, a special purpose acquisition company (SPAC) set up by George Mattson, a former Goldman Sachs banker.
Sources said this weekend that NextGen II was in exclusive talks with Sir Richard’s Low Earth Orbit satellite business, which is 80%-owned by the tycoon’s Virgin Group empire.
Mubadala, the Abu Dhabi sovereign fund, owns the remaining 20% of Virgin Orbit’s shares.
A definitive deal valuing Virgin Orbit at approximately $3bn (£2.1bn) could be announced in the coming weeks, according to insiders…
The choice of NextGen is a logical one, since Mr Mattson is a director of Virgin Galactic, and is an experienced aviation industry insider, having also been a director of Delta Air Lines for nearly nine years.
NEW YORK (Pomerantz LLP PR) — Pomerantz LLP announces that a class action lawsuit has been filed against Virgin Galactic Holdings, Inc. (“Virgin Galactic” or the “Company”) (NYSE: SPCE) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 21-cv-03070, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Virgin Galactic securities between October 26, 2019 and April 30, 2021, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
Take me out to the black, Tell them I ain’t comin’ back. Burn the land and boil the sea, You can’t take the sky from me….
— “The Ballad of Serenity,” Sonny Rhodes
“After so many years and so much hard work, New Mexico has finally reached the stars.”
— New Mexico Gov. Michelle Lujan Grisham
by Douglas Messier Managing Editor
By now, you’ve probably read the rhetoric flourishes in Virgin Galactic’s press release about the company’s first suborbital flight test in more than two years that was conducted on Saturday. Suffice to say, if the stars were located at the altitude that SpaceShipTwo actually reached (55.45 miles/89.2 km), they would take the sky away at the same time they burned the land and boiled the seas. Being suborbital, VSS Unity wouldn’t have helped anyone escape the inferno.
Fortunately, that didn’t happen. So, let’s just put doomsday out of our minds. It’s time to break down what the flight test accomplished, what comes next, and why 27 months passed between powered flights. And what about Jeff Bezos?