D-Orbit, an Italy-based space logistics, and transportation company, revealed plans to go public amid a SPAC deal with Breeze Holdings Acquisition Corp., which values the endeavor at USD1.4 Billion. The merger with Breeze Holdings is set to be finalized within the second or third quarter of 2022. Upon the close, D-Orbit is set to be listed on the NASDAQ under the ticker symbol “DOBT.”
“We have made tremendous progress developing and proving our unique ION technology, as well as building a dedicated customer base to which we have provided last-mile satellite delivery and advanced infrastructure services for more than eight years,” D-Orbit CEO Luca Rossettini said in a statement.
Amid the transaction, the company is partnering up with The Charles F. Bolden Group to help push it to the next phase of growth. That agreement is anticipated to provide as much as USD185 Million in cash to D-Orbit’s balance sheet, raising approximately USD88 Million through debt, a USD5.5 Million PIPE, and almost USD117 Million from the SPAC, which depends on shareholder redemption.
“As we take this important next step in D-Orbit’s growth journey, we are encouraged by the strong momentum we are seeing across the business, as evidenced by our recently launched fourth mission leveraging our proven ION Satellite Carrier,” said Dr. Renato Panesi, CCO of D-Orbit.