Breeze Holdings Acquisition today announced that its stockholders voted to approve a merger deadline extension until Sept. 26. The added time gives Breeze more flexibility to complete the proposed transaction with D-Orbit S.p.A., a market leading space logistics and orbital transportation company. Breeze said the transaction is still expected to close in the third quarter.
“We thank our investors for their continued support and are moving full speed ahead with our transaction with D-Orbit,” said J. Douglas Ramsey, Ph.D., Chairman and CEO of Breeze Holdings. “The team at Breeze Holdings remains excited about D-Orbit’s upside as a leading, sustainable space logistics and orbital transportation company that is poised to play a key role in building the infrastructure for the new space economy.”
The SPAC said it would disclose vote results in an 8-K, although the form had not been filed by late afternoon May 5.
The transaction values D-Orbit 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.
