Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: BlackSly and Momentus win contracts, Terran Orbital’s CAPSTONE completes primary mission, and Richard Branson puts himself and Virgin brand on trial
BlackSky and Momentus Win Contracts
Momentus (NASDAQ:MNTS) has won a contract with Apogeo Space to provide in-space transportation for the Italian company’s batch of nine Internet of Things (IoT) picosatellites. Apogeo is developing a 100-satellite IoT constellation.
BlackSky Technology (NYSE: BKSY) said it has won a two-year, multi-million dollar ground station augmentation contract for an unidentified Ministry of Defense customer. It is the company’s second major contract for an international advanced tactical agency.
Momentus completed its deal with Stable Road in August 2021 while BlackSky Technology completed its business combination with Osprey Technology in September 2021.
READTerran Orbital-Developed CAPSTONE Completes Primary Mission
Terran Orbital Corporation (NYSE:LLAP), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, announced its CAPSTONE’s recent successful completion of its primary mission: navigating to and within the Near Rectilinear Halo Orbit (NRHO), and performing the initial successful test of the Cislunar Autonomous Positioning System (CAPS) in coordination with the NASA Lunar Reconnaissance Orbiter (LRO). In addition, CAPSTONE imaged the Moon.
Terran Orbital completed its combination with Tailwind Two in March 2022.
READBillionaire Richard Branson Puts Himself on Trial
Has Sir Richard Branson’s business empire lost its sparkle? A UK court will address that question next month when hearing a $250 million claim brought by Virgin Enterprises against a Florida rail company.
At issue is whether Brightline Holdings LLC, backed by Fortress Investment Group, was within its rights in 2020 to terminate a 20-year deal to use the Virgin name and logo for its high-speed railway due to an alleged deterioration of the Virgin brand.
In April, Branson’s satellite launch company Virgin Orbit Holdings Inc. (OTCMKTS:VORBQ) filed for bankruptcy following a launch mishap in the UK and after failing to raise more funding. A pair of Branson SPAC investments have also crashed to earth: online retailer Grove Collaborative Holdings (NYSE:GROV) has tumbled more than 95% while genetic testing firm 23andMe Holding Co. (NASDAQ:ME) has declined 80%.
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...