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%.
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...
At the SPAC of Dawn Dealmakers remain confident that AI is going to play a big role in their M&A processes, but feel unprepared for some the changes, according to a new survey of 225 corporate and 75 private equity transactions professionals. SS&C subsidiary Mergermarket generated the report that found more than half of respondents...
Trailblazer Merger I (NASDAQ:TBMC) has entered into a definitive agreement to combine with data intelligence firm Cyabra at an enterprise value of $70 million. Tel Aviv-based Cyabra provides tools to corporations and governments to identify fake accounts and combat social media disinformation. The combined company is expected to trade on the Nasdaq once the deal...
Chain Bridge I (NASDAQ:CBRG) has entered into a definitive agreement to combine with cannabinoid pharmaceuticals firm Phytanix Bio at a pre-deal valuation of $58 million. Santa Barbara, California-based Phytanix is working to develop bladder and seizure treatments using cannabis-based substances. The combined company is expected to trade on the Nasdaq under the symbol “PHYX” once...