The Latest SPAC News and Rumors: June 8, 2023
by Marlena Haddad on 2023-06-08 at 11:39am

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.

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Terran 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.

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Billionaire 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%.

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