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D-Orbit cancels SPAC merger
Posted: Sun, Aug 21, 2022, 10:56 AM ET (1456 GMT)
D-Orbit, an in-space transportation company, has terminated an agreement to go public through a SPAC. The company announced Aug. 12 that it and Breeze Holdings, the SPAC it agreed to merge with in January, had parted ways, citing financial markets that have "changed substantially" since then. D-Orbit had hoped to raise $185 million from the deal to expand staff and accelerate investments in ION Satellite Carrier, its orbital transfer vehicle (OTV) that completed its first commercial mission in late 2020. SPACs, a popular mechanism for space and other companies to go public in 2020 and 2021, have since fallen out of favor because of poor market performance. One space company, satellite communications equipment maker Satixfy, is still proceeding with a SPAC merger it plans to close this year.
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