Breeze Holdings Acquisition in a proxy filing said it seeks a merger deadline extension from May 25 to Sept. 26 and plans to hold a shareholder meeting to vote on the matter, though a date has not been published.
SPAC management in the filing said they do not believe there is enough time before the current May deadline to complete the proposed merger 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.
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. Read more.
