Breeze Holdings Acquisition and D-Orbit S.p.A., a space logistics and transportation company, announced that the companies have mutually agreed to terminate their previously announced merger agreement effective immediately. Both sides cited unfavorable market conditions.
The transaction had an enterprise value of approximately $1.28 billion post-money.
The deal was expected to deliver up to $185 million in cash at closing, which included 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.
Breeze has secured three deadline extensions within the last year. CEO J. Douglas Ramsey said the SPAC will work to identify another target. Read more.
