Orbital space-launch company Astra and Holicity, a SPAC sponsored by Pendrell Holicity Holdings, today announced a definitive business combination agreement.
The transaction is estimated to result in a pro forma enterprise value of approximately $2.1 billion for the combined company.
The deal will be funded through Holicity’s $300 million cash in trust and a $200 million fully committed common stock PIPE at $10 per share, led by funds and accounts managed by BlackRock. Astra’s existing shareholders will hold approximately 78% of the outstanding shares of common stock of the combined company immediately following the consummation of the transaction, assuming no redemptions by Holicity’s stockholders. Read more.
