Italian space logistics firm D-Orbit said on Thursday it will go public in the United States through a merger with a blank-check firm in a deal valuing the company at $1.28 billion, including debt.
The deal with Breeze Holdings Acquisition Corp will provide D-Orbit with up to $185 million in gross proceeds, including $29 million in binding convertible debt financing provided by venture capital firm ATW Partners.
D-Orbit, founded in 2011, is a developer of space infrastructure technology and transportation products, including space vehicles.
The company intends to use the funds from the deal to accelerate investments in its flagship ION Satellite Carrier and increase its space cloud infrastructure capabilities. D-Orbit also said it will look to expand its operations into new space segments.
SPACs are publicly-listed companies formed with the intention of merging with a private company at a later date. For the company going public, a SPAC merger serves as an alternative to a traditional IPO.
After the deal closes, expected towards the second or third quarter of this year, D-Orbit will list on the Nasdaq under the ticker symbol “DOBT”.
Source: Reuters.com