Breeze Holdings Acquisition said it has achieved a quorum for the upcoming stockholders meeting May 5, at which investors will vote on whether to grant a merger deadline extension. Breeze is asking shareholders to push the deadline back to Sept. 26.
The SPAC says additional time is necessary for “flexibility to complete the proposed transaction with D-Orbit S.p.A.,” an Italy-based space logistics and orbital transportation company.
The SPAC has been granted two deadline extensions before and since the $1.3 billion deal with D-Orbit was announced in January.
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.
