D-Orbit, an Italy-based space logistics and transportation company, announced plans to merge with Breeze Holdings Acquisition. The transaction values the company at an enterprise value of approximately $1.28 billion post-money.
Terms call for a newly formed joint stock company to become the parent company of both D-Orbit and Breeze Holdings, issuing ordinary shares to the shareholders of both companies. If approved, upon closing the newly combined company’s common stock is expected to trade on the Nasdaq under the ticker symbol DOBT.
The transaction is expected to deliver up to $185 million in cash at closing, which includes a $29 million binding convertible debt financing provided by ATW Partners.
Breeze raised $115 million in a November 2020 IPO, with an initial focus on natural gas and fossil fuels. The SPAC’s sponsor two months ago pumped $1.15 million into the trust account to extend the merger deadline until Feb. 25. Read more.
