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.
Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...
Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...
Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...
In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...