Breeze Holdings Acquisition said in a news release that its sponsor requested the SPAC extend its business combination deadline from Feb. 25 to May 25. This would be the second of two three-month extensions permitted under the company’s governing documents. To sweeten the deal, the sponsor intends to deposit $1.15 million, or 10 cents per share, into the SPAC’s trust. The sponsor made an identical deposit in November for the first extension.
Breeze has a merger agreement with D-Orbit, an Italy-based space logistics and transportation company. The transaction values the company at an enterprise value of approximately $1.28 billion post-money.
Announced last month, if the deal is approved 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. Read more.
