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Italy’s D-Orbit to go public via SPAC at $1.4bn valuation

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Italy’s d-orbit to go public via spac at $1. 4bn valuation
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Italian space transportation and services company D-Orbit announced plans Thursday to go public via a SPAC, in a deal that values the venture at $1.4 billion.

The merger with special purpose acquisition company Breeze Holdings is expected to close in the second or third quarter of the year, with D-Orbit to be listed on the Nasdaq Composite under 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.

D-Orbit and Breeze also announced a partnership with the Bolden Group, founded by former NASA administrator Charlie Bolden.

The deal is expected to add as much as $185 million in cash to D-Orbit’s balance sheet – raising about $88 million through debt, a $5.5 million PIPE (private investment in public equity) and nearly $117 million from the SPAC, dependent on shareholder redemptions.

Tags: D-OrbitIPOSpace transportation

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