Space infrastructure conglomerate Redwire to go public via a SPAC

Redwire chief working officer Andrew Rush reveals former NASA administrator Jim Bridenstine a spacecraft mannequin of subsidiary Made In Space.

Redwire Space

Space infrastructure conglomerate Redwire Space is making ready to go public, asserting Thursday that it’s the newest in a string of area companies to merge with a SPAC.

Redwire, shaped final 12 months by non-public fairness agency AE Industrial Partners, is merging with particular goal acquisition firm Genesis Park, which trades below the ticker GNPK. The deal is predicted to shut by the tip of the second quarter, with the merger leading to Redwire itemizing on the New York Stock Exchange.

A SPAC is basically a shell firm that raises cash by way of an preliminary public providing to purchase one other agency.

“When you look around the industry now, you have a lot of the older traditional space players and you have a lot of these new space entrants, many of them are pre-revenue,” Redwire Chairman and CEO Peter Cannito advised CNBC.

“Redwire is kind of the hybrid: We’re offering that middle ground of tremendous flight heritage but also the disruptive technologies.”

The firm is concentrated on area infrastructure, which it estimates is at the moment a $15 billion market.

Redwire’s assortment of companies consists of applied sciences comparable to navigation sensors, photo voltaic arrays, deployable construction, in-space manufacturing and robotic arms.

The conglomerate expects to add about $170 million in money to its stability sheet from the merger. This would come with the proceeds from a $100 million PIPE — or non-public funding in public fairness — spherical, joined by buyers Senvest Management and Crescent Park.

The merger values Redwire at a $615 million enterprise valuation, in accordance to the businesses. Cannito famous that AE Industrial Partners will “stay significantly invested” following the merger, as its largest single shareholder.

Redwire’s 12 months of acquisitions

Over $160 million projected 2021 income

Source hyperlink

What do you think?

Written by Business Boy


Leave a Reply

Your email address will not be published. Required fields are marked *



Amsterdam bet its post-Covid recovery on ‘doughnut’ economics — more cities are now following suit

ICICI-Videocon PMLA case: Bombay High Court grants bail to Deepak Kochhar – Business News , Firstpost