Breeze Holdings Acquisition Corp. (NASDAQ:BREZ) announced late this afternoon that it has mutually terminated its combination with space logistics firm D-Orbit.
Tellingly, Breeze and D-Orbit cited market conditions as the reason for termination, which has become a common refrain for the SPAC market. J. Douglas Ramsey, Ph.D., Chairman and CEO of Breeze Holdings noted that, “…the financial markets have changed substantially, and we believe that terminating our merger is in the best interest of both D-Orbit and Breeze shareholders. On behalf of Breeze, we wish Luca and the D-Orbit team the best of luck and look forward to cheering on their continued successes. As we look ahead, we remain focused on identifying another value creating opportunity for Breeze shareholders.”
As mentioned above Breeze intends to search for a new combination. However, they will need to extend their deadline since their current timeline expires on September 26. Breeze has a preliminary proxy on file to extend an additional three months to December 26, 2022, but perhaps in light of today’s termination they amend that for additional extension time.
Breeze announced its business combination agreement with D-Orbit on January 27, 2022, at an enterprise value of $1.3 billion. The Fino Mornasco, Italy-based company provides orbital vehicles designed to position satellites to the last mile of their launch destinations in space.
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