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Astro Aerospace Announces Definitive Agreement to Acquire Horizon Aircraft

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  • Horizon Aircraft Electric Vertical Take-Off and Landing (“eVTOL”) technology and expertise complements and expands the Astro platform, together providing a more comprehensive solution for aerial transport
  • Horizon Aircraft CEO & Co-founder and Chief Operating Officer to remain in key leadership roles, bringing additional talent to Astro Aerospace
  • Value creation for shareholders through synergies, enhanced innovation and new growth opportunities

Dallas, Texas, April 29, 2021 – OTC PR WIRE — Astro Aerospace Ltd. (OTCQB: ASDN) (“Astro” or the “Company”), a developer of eVTOL aerial vehicles and drones, and Horizon Aircraft Inc. (“Horizon”), a developer of advanced eVTOLs, have entered into an agreement under which Astro will acquire privately-held Horizon for five million common shares of Astro stock, the material terms of which are disclosed in the Company’s related 8-K filing. The transaction was unanimously approved by the respective Boards of Directors. The acquisition will broaden Astro’s capabilities, and become a leading eVTOL platform while continuing to invest and innovate. The Company’s acquisition of Horizon is expected to close in approximately ten days, subject to customary closing conditions. Upon closing the transaction, the CEO and Co-Founder of Horizon, Brandon Robinson, will be appointed as President of Astro and will sit on the Board of Directors. Jason O’Neill, Horizon’s Chief Operating Officer, will be appointed Executive Vice President of Astro.

Astro’s existing Alta and Elroy programs, combined with Horizon’s highly accomplished team of engineering and design talent, is expected to better position the Company to pursue its goal of commercialization. This approach will emphasize existing technology and elegant design to become a leader in the eVTOL market. The new funding provided by Astro will enable Horizon to accelerate development of its Cavorite X5 eVTOL advanced prototype. The Company believes this new aerospace technology offers significant advantages over current conventional aircraft including lower operating costs, a reduced noise footprint, increased safety, and lower carbon emissions.

“Astro and Horizon, two organizations focused on developing innovative air mobility solutions, is a very exciting and promising combination. Our aligned business model, enhanced by the complementary expertise and capabilities of the founder-led Horizon team, creates significant opportunities for accelerated growth while simultaneously delivering value to our shareholders,” said Astro CEO Bruce Bent.

Horizon Co-Founder and CEO Brandon Robinson stated, “The Horizon family has found a great home in Astro and will continue operating with its distinct culture: excellence in product development and a deep passion for aviation. Horizon and Astro share in the mission of being at the forefront of eVTOL design and together we will be a more attractive and exciting company for our employees, our partners, and our investors.”

Horizon co-founders Brandon and Brian Robinson have applied their excellence in Mechanical Engineering to change the way we approach travel. Brandon Robinson is a Mechanical Engineer, a CF-18 Fighter Pilot Top Gun graduate, and holds an MBA with more than $400 million in project management experience. Horizon’s Chief Engineer, Brian Robinson (Brandon’s father) is also a Mechanical Engineer, beginning his innovation journey long before Horizon’s existence. Building aircraft from the age of 14, Brian’s previous aerospace engineering company achieved much success as it developed numerous first-of-its-kind innovations. This eventually led to designing a revolutionary new eVTOL prototype, making Horizon a pioneer in the market.

The Horizon Cavorite X5 eVTOL

Horizon has successfully completed more than 200 test flights of its sub-scale prototype Cavorite X5, a five-seat hybrid-electric eVTOL. The primary objective for the sub-scale eVTOL prototype’s test flights is to verify aerodynamics, control systems and transitional flight. For vertical flight, the wing surfaces retract to open its ducted fans before closing again after it achieves a minimum forward speed, maximizing the craft’s aerodynamic efficiency while lowering operational costs.

The full-scale Cavorite X5, which is expected to travel up to an estimated 450 km/h with a 500-kilometer range, is designed for reduced hydrocarbon emissions, operation in poor weather, and ease of flying for low-time pilots. The aircraft targets Urban Air Mobility but also long-range Regional Air Mobility, currently an underserved portion of the market. The patented fan-in-wing technology allows the Cavorite X5 to be the world’s first eVTOL that can fly the majority of its mission exactly like a normal aircraft.

Strategic Benefits of the Transaction:

  • Horizon CEO and management to remain in key leadership roles
  • Greater access to capital and industry experience to accelerate innovation
  • Provides path to production and commercialization

About Horizon Aircraft Inc.

Horizon Aircraft is an advanced aerospace engineering company that has developed the world’s first eVTOL that can fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Our unique designs place the mission first and prioritize safety, performance, and utility. Our Cavorite X5 eVTOL is designed to enter the market quickly and service a broad spectrum of early use-cases.

Visit www.horizonaircraft.com for more information.

About Astro Aerospace

Astro Aerospace is the developer of an advanced, autonomous, short haul, eVTOL (Electric Vertical Take-off and Landing) aerial vehicles. Our mission is to make self-flying unmanned and manned vehicles available to anyone, at any time, from anywhere, bringing a new and exciting aircraft into a mainstream mode of transportation.

Our vision is “Flight Made Easy”.

Visit www.flyastro.com for more information.

Forward-Looking Statements

Certain information in this news release constitutes “forward-looking information” under applicable securities laws. “Forward-looking information” is defined as disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and includes future-oriented financial information with respect to prospective financial performance, financial position or cash flows that is presented as a forecast or a projection.

Forward-looking statements are often but not always, identified by the use of such terms as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative and/or inverse of such terms or other similar expressions.

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the filing of a notice under the Investments Canada Act, the ability of the Company to receive regulatory approval by the relevant governmental agencies, including  the Director of Investments under the Investment Canada Act, the ability of the parties to close the transaction on the terms mentioned within this news release, the Company’s ability to integrate Horizon’s business as planned, the commercial viability of Horizon’s prototypical Cavorite X5 aircraft, the ability of the Company to commence production of the Cavorite X5, the viability of the Covorite X5’s proprietary fan-in-wing technology, the expected performance of the Cavorite X5, the continuance of current industry trends, the Company’s anticipated revenue, estimated margins, the effect of the transaction on the Company and its strategy going forward, the Company’s ability to obtain regulatory approval with respect to the Company’s products, in particular, the prototypical Cavorite X5 by the relevant governmental authorities, including the U.S. Federal Aviation Authority (FAA), and expectations with respect to future production costs of the Company’s products. While Astro and Horizon consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.

Readers are cautioned not to place undue reliance on forward-looking statements.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company’s reliance on one key customer for a substantial percentage of its revenue, the Company’s ability to consummate any proposed financing, acquisition or transaction, the timing of the closing of such proposed event, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all, or that the closing of any proposed financing, acquisition or transaction will not occur or whether any such event will enhance shareholder value, the Company’s ability to continue as a going concern, the Company’s ability to attract, maintain and increase the number of its customers, the Company’s ability to maintain compliance with certain financial and other covenants, the effects of the global Covid-19 pandemic, changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company’s subsidiaries; and other risks, uncertainties and factors. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Astro and Horizon disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. This news release has been approved by the board of directors of each of Astro and Horizon. 

Contacts:

For Astro Aerospace

Investor Relations

TraDigital Marketing Group, Inc.

Kevin McGrath

+1-646-418-7002

kevin@tradigitalir.com

For Horizon Aircraft

Phil Anderson

Email: phil@perceptiona.com

Mobile: +44 (0)7767 491 519

Landline: +44 (0)208 870 6412

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Source: https://otcprwire.com/astro-aerospace-announces-definitive-agreement-to-acquire-horizon-aircraft/

Aerospace

Axelspace raises $24 million in Series C round

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SAN FRANCISCO – Axelspace, the Japanese firm planning to offer daily global optical imagery, raised 2.58 billion Japanese yen ($23.8 million) in a Series C investment round announced May 14 in Tokyo, May 13 in the United States.

The Space Frontier Fund managed by Sparx Innovation for Future Co. provided funding alongside other venture capital firms and investment funds managed by Global Brain Corp., Japan Post Investment Corp., Kyocera Corp., Mitsubishi UFJ Capital Co. Ltd., Mitsui Fudosan Co. Ltd. and Sumitomo Mitsui Trust Investment Co. Ltd.

Axelspace launched its first 100-kilogram satellite in 2018 and raised $22.8 million in a Series B funding round. The company sent four more satellites into sun-synchronous orbit in March.

With funds from the Series C round, Axelspace will manufacture, launch and begin operating five additional satellites in 2023, Axelspace CEO Yuya Nakamura told SpaceNews. With a ten-satellite constellation, Axelspace will have daily opportunities to obtain imagery of mid-latitude regions including Japan, he added.

Axelspace’s GRUS satellites are designed to gather panchromatic imagery with a resolution of 2.5 meters and red, blue and green, near-infrared and red-edge imagery with 5-meter resolution. Axelspace also sells 2.5 meter pan-sharpened images through AxelGlobe, its web-based platform.

The red-edge band, introduced on commercial satellites by the RapidEye constellation, is a popular tool for monitoring the health of vegetation. Planet retired the RapidEye constellation in 2020.

Axelspace sees a competitive advantage in capturing large areas in a single image.

“Axelspace is about capturing macro data,” said Yasunori Yamazaki, Axelspace chief brand officer. “Horizontally, we are able to capture 57 kilometers and we are able to capture 1,000 kilometers vertically. One shot coming from one sensor on the same satellite is easier for clients to analyze than a mosaic of images with data coming from different times of the day, different orbits and different sensors.”

Of Axelspace’s 80 employees, more than 50 are engineers from all over the world. Attracting global talent is priority for the firm, Yamazaki said.

Closing an investment round during the COVID-19 pandemic posed challenges. In spite of limitations on travel and supply chain disruptions, the firm succeeded in keeping its work moving forward and attracting investors, Nakamura said.

One investor, Shinji Kato, a project manager in the venture co-creation department business development group at Japanese real estate firm Mitsui Fudosan said in a statement, that AxelGlobe’s plan to monitor the whole Earth with high frequency offers “big potential to create a new industry beyond our core business of community development.”

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Source: https://spacenews.com/axelspace-series-c-round/

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SpaceX outlines plans for Starship orbital test flight

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Artist’s concept of a Super Heavy booster and Starship vehicle stacked together during launch. Credit: SpaceX

SpaceX has revealed the flight plan for the first orbital test launch of the company’s huge stainless steel Starship rocket, a 90-minute, around-the-world mission that will originate from South Texas and culminate with a controlled re-entry and splashdown in the Pacific Ocean near Hawaii.

SpaceX included an exhibit outlining the flight plan in a filing posted on the Federal Communications Commission’s website Thursday.

The test flight — without any passengers on-board — will take off from SpaceX’s Starship development facility at Boca Chica Beach in South Texas, just north of the U.S.-Mexico border. The Starship launch site, which SpaceX calls Starbase, is the same location where technicians are rapidly building new prototpes for the giant next-generation rocket.

When fully assembled, the gigantic reusable rocket will stand nearly 400 feet (120 meters) tall, making the Starship stack the largest launcher ever built.

The booster stage, called the Super Heavy, will have as many as 28 methane-burning Raptor engines on operational flights, producing some 16 million pounds of thrust, twice the power of NASA’s Apollo-era Saturn 5 rocket. Six Raptor engines will be fixed to the bottom of the rocket’s upper stage, which is itself also named the Starship.

The Starship vehicle doubles as an upper stage and a refillable transporter to ferry people and cargo through space to destinations in Earth orbit, the moon, Mars, and other distant locations.

SpaceX is developing the Starship vehicle as a fully reusable launch and space transportation system capable of ferrying more than 100 metric tons of cargo into low Earth orbit, more than any other rocket in the world.

During an orbital launch attempt, a reusable Super Heavy first stage booster will detach from the Starship and come back to Earth for a vertical landing. Eventually, SpaceX wants to use catcher arms on the launch tower to capture the descending first stage, making it easier to configure and refuel for another mission.

The Starship will continue into orbit and deploy its payloads or travel to its deep space destination, and finally return to Earth to be flown again.

The Starship’s first orbital test flight, though audacious in scale, will aim to prove out the rocket’s basic launch and re-entry capabilities without fully testing out the complicated landing and recovery systems, according to SpaceX’s filing with the FCC.

This trajectory illustration filed with the Federal Communications Commission shows the course SpaceX’s Super Heavy booster will follow on the first Starship orbital test flight. Credit: SpaceX

The rocket’s Super Heavy booster will fire its cluster of up to 28 Raptor engines for around 2 minute, 49 seconds, on a track toward the east from the Starbase launch site.

About two seconds later, the 230-foot-tall (70-meter) Super Heavy booster will jettison to begin a descent to a landing in the Gulf of Mexico around 8 minutes, 15 seconds, after launch. The giant booster will aim to land about 12 miles, (20 kilometers) from shore, according to SpaceX.

Meanwhile, the Starship orbital stage will ignite its Raptor engines at T+plus 3 minutes, 56 seconds, and accelerate into orbit, heading east over the Gulf of Mexico and following a track passing between South Florida and Cuba. Cutoff of the Raptor engines is expected about 8 minutes, 41 seconds, into the mission, SpaceX said, once the rocket achieves the required orbital velocity of around 17,000 mph (more than 27,000 kilometers per hour)

“The Orbital Starship will continue on flying between the Florida Straits. It will achieve orbit until performing a powered, targeted landing approximately 100 kilometers (about 62 miles) off the northwest coast of Kauai in a soft ocean landing,” SpaceX said.

The entire flight — from liftoff in Texas to splashdown near Hawaii — will last around 90 minutes.

“SpaceX intends to collect as much data as possible during flight to quantify entry dynamics and better understand what the vehicle experiences in a flight regime that is extremely difficult to accurately predict or replicate computationally,” SpaceX said. “This data will anchor any changes in vehicle design or CONOPs (concept of operations) after the first flight and build better models for us to use in our internal simulations.”

This trajectory illustration filed with the Federal Communications Commission shows the course SpaceX’s Starship orbital stage will follow on the first Starship orbital test flight. Credit: SpaceX

The company did not identify a target date for the Starship program’s first orbital test launch, but SpaceX chief executive Elon Musk has said the Starship’s first shot into space could happen before the end of the year.

SpaceX’s request for authority from the FCC to operate communications equipment on the orbital Starship test flight suggests the company expects the demonstration mission to occur some time between June 20 and Dec. 20.

The first Starship orbital test flight, which Musk suggested earlier this year might happen as soon as July, will follow a series of ongoing atmospheric flights intended to validate the rocket’s performance at relatively low altitudes.

The five Starship prototypes launched since December have each used three Raptor engines to power the 16-story test rockets to altitudes of more than 30,000 feet (about 10 kilometers) over South Texas. Four test rockets exploded during or soon after landing, but the most recent Starship prototype — Serial No. 15 — nailed its vertical, propulsive touchdown back at the Starbase facility.

The Starship stage, like the Super Heavy booster and SpaceX’s partially reusable Falcon 9 rocket currently in operation, will use variable thrust from its main engines to slow down for landing.

This trajectory illustration filed with the Federal Communications Commission shows the course SpaceX’s Starship orbital stage will follow during re-entry to conclude the first Starship orbital test flight. Credit: SpaceX

SpaceX plans more atmospheric test flights of Starship prototypes to fine-tune the rocket’s takeoff and landing. The company also plans a first “hop” test of a full-size Super Heavy booster, presumably before pressing ahead with an orbital launch attempt.

Engineers have tested coupon samples of heat shield material on the Starship’s stainless steel skin, but the orbital-class rocket will require a more extensive thermal barrier to withstand the super-hot temperatures of atmospheric re-entry.

The SN15 prototype that successfully launched and landed May 5 debuted several upgrades to the Starship rocket. The changes “will allow more speed and efficiency throughout production and flight,” SpaceX said.

The upgrades on SN15 include “a new enhanced avionics suite, updated propellant architecture in the aft skirt, and a new Raptor engine design and configuration,” SpaceX said.

The next jump in capability for the Starship rocket will come with SN20, which will be outfitted for an orbital test flight.

Musk tweeted earlier this year that the Super Heavy/Starship combination will initially have a high probability of achieving a successful launch into orbit, but it will likely take many attempts before SpaceX perfects the Starship’s re-entry and landing maneuvers from orbit.

Last month, SpaceX won a $2.9 billion contract from NASA to develop a derivative of the Starship vehicle to land astronauts on the Moon through the space agency’s Artemis program. SpaceX bested bids from Blue Origin and Dynetics to win the contract for NASA’s next human-rated lunar lander.

According to NASA’s plans, astronauts will depart Earth on the agency’s government-owned Space Launch System rocket and Orion crew capsule, then rendezvous with a Starship pre-positioned in lunar orbit. The Starship would launch from Earth without anyone on-board.

After landing on the moon, the astronauts will exit the Starship and ride an elevator down to the surface. Once their work is complete, the crew members will launch on the Starship back into lunar orbit, meet up with the Orion capsule, and return to Earth.



Last month, SpaceX won a $2.9 billion contract from NASA to develop a derivative of the Starship vehicle to land astronauts on the moon through the space agency’s Artemis program. SpaceX bested bids from Blue Origin and Dynetics to win the contract for NASA’s next human-rated lunar lander.

According to NASA’s plans, astronauts will depart Earth on the agency’s government-owned Space Launch System rocket and Orion crew capsule, then rendezvous with a Starship pre-positioned in lunar orbit. The Starship would launch from Earth without anyone on-board.

After landing on the moon, the astronauts will exit the Starship and ride an elevator down to the surface. Once their work is complete, the crew members will launch on the Starship back into lunar orbit, meet up with the Orion capsule, and return to Earth.

SpaceX has succeeded in cutting launch costs with the Falcon 9 rocket, which has a reusable first stage and payload shroud. But neither part is rapidly reusable, and the Falcon 9’s second stage is brand new for every mission.

“With Starship, we’ll hopefully reuse the whole thing,” Musk said last month. “This is a hard problem for rockets, that’s for sure. It’s taken us, we’re like 19 years in now. I think the Starship design can work. It’s just, it’s a hard thing to solve, and the support of NASA is very much appreciated in this regard. I think it’s going to work.”

Musk eventually wants to have a fleet of ocean-going platforms to recover and re-launch Super Heavy boosters and Starship rockets.

“It’s intended to be such that the booster can be used, I don’t know, a dozen times a day, basically every couple of hours,” Musk said in an X PRIZE webcast last month. “And that mostly is about reloading propellant and mounting the ship. and then the ship can probably be used, in theory, every three hours … But certainly every, say, six to nine hours. We’ll call it twice a day for the ship. And we’ll make more ships than there are boosters.”

SpaceX officials have suggested that Starships could be tasked with high-speed point-to-point intercontinental travel on Earth.

“Once we have the floating space platforms, we can position them such that the ship can come back in a single orbit,” Musk said. “So then it can be, let’s say we have three ship launches per day, that’s 1,000 flights a year, each with 100 to 150 tonnes of payload to orbit.”

“I’d say it’s only recently though that I feel that full and rapid reusability can be accomplished,” Musk said. “I wasn’t sure for a long time, but I am sure now.”

Email the author.

Follow Stephen Clark on Twitter: @StephenClark1.

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Source: https://spaceflightnow.com/2021/05/13/spacex-outlines-plans-for-around-the-world-starship-test-flight/

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Japanese billionaire, Russian actress to fly to ISS

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WASHINGTON — A Japanese billionaire best known for buying a SpaceX Starship flight around the moon will go to space first on a Russian Soyuz spacecraft to the International Space Station, two months after a Russian actress and director visit the station.

Space tourism company Space Adventures and the Russian space agency Roscosmos announced May 13 that Yusaku Maezawa will fly to the ISS on the Soyuz MS-20 mission launching Dec. 8 from the Baikonur Cosmodrome. He will be accompanied by a production assistant, Yozo Hirano, on the 12-day flight, commanded by Russian cosmonaut Alexander Misurkin.

“We are excited for Maezawa-san, and we are honored to have enabled this opportunity for him to fly to space,” Eric Anderson, chairman and chief executive of Space Adventures, said in the statement.

The mission will be the first brokered by Space Adventures, which arranged all previous space tourists to visit the ISS, since Guy Laliberté, the Canadian founder of Cirque du Soleil, flew to the station in 2009. British singer Sarah Brightman was to fly to the station in 2015 through a deal arranged by Space Adventures, but she backed out several months in advance, citing personal issues.

Space Adventures had been working on this mission, the first dedicated commercial Soyuz flight to the station, for some time, but the selection of Maezawa and Hirano was a surprise. Earlier reports suggested that Austrian pilot Johanna Maislinger and Japanese entertainer Yumi Matsutoya would fly on Soyuz MS-20.

Maezawa, an entrepreneur who made billions with the Japanese online apparel retailer Zozo, is best known in the space industry for his 2018 decision to buy a SpaceX Starship circumlunar flight. He said he planned to fly on that mission along with eight artists.

In March, Maezawa announced a contest to choose the people who will accompany him on that “dearMoon” mission, scheduled for 2023. That process is scheduled to conclude with the selection of the crew by the end of June, but the project has not provided any public updates since late March, and few details in general about the process it will use to determine who will accompany Maezawa.

“I’m so curious, ‘what’s life like in space’? So, I am planning to find out on my own and share with the world on my YouTube channel,” Maezawa said in the Space Adventures statement, which added that Hirano “will be responsible for documenting Mr. Maezawa’s mission.”

Maezawa said he was still planning to fly on Starship around the moon. “Going to the ISS before the Moon,” he tweeted.

The announcement of the Space Adventures flight came the same day that Roscosmos announced actress Yulia Peresild will accompany director Klim Shipenko and Russian cosmonaut Anton Shkaplerov on the Soyuz MS-19 mission to the ISS, launching Oct. 5.

Peresild and Shipenko will spend 12 days on the station, shooting scenes for a Russian movie called “Vyzov” (“The Challenge”) that Roscosmos is producing with a Russian network, First Channel. The two will return on the Soyuz MS-18 spacecraft currently at the station with Oleg Novitsky.

Novitsky launched on Soyuz MS-18 April 9 with Russian cosmonaut Pyotr Dubrov and American astronaut Mark Vande Hei. Dubrov and Vande Hei will have to remain on the station for an extended mission because their seats will be occupied by Peresild and Shipenko.

Vande Hei, formally added to Soyuz MS-18 just a month before launch after NASA and Roscosmos worked out a deal for a seat that involved a third party, Axiom Space, said before launch that he was aware he could stay longer than the typical six-month increment on the station. “Honestly, for me it’s just an opportunity for a new life experience. I’ve never been in space longer than six months,” he said. “I’m really enthusiastic about it.”

Peresild, an actress who has appeared extensively in Russian television and film, was one of four finalists for the mission. Another actress, Alena Mordovina, will train as the backup for the mission. A third finalist, Galina Kairova, a pilot and amateur actress, was invited by Roscosmos to train to become a professional cosmonaut.

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Source: https://spacenews.com/japanese-billionaire-russian-actress-to-fly-to-iss/

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Shareholders approve extension of Momentus deal

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WASHINGTON — Shareholders in the special purpose acquisition company (SPAC) seeking to merge with in-space transportation company Momentus have narrowly approved a three-month extension of a deadline to complete the deal.

Stable Road Acquisition Corporation said May 13 a little more than 65% of the company’s shareholders had voted in favor of extending the deadline for closing a deal by three months, to Aug. 13. Had the vote failed, the SPAC would have been liquidated, with stockholders receiving $10.03 per share.

In a statement, Brian Kabot, chairman and chief executive of Stable Road, thanked shareholders for their “overwhelming support” in favor of the extension, noting that 98.2% of shares that participated in the vote approved the extension. However, because of shareholders who chose not to vote, the total fraction of shares voting in favor of the extension was 66.2%, just above the 65% threshold required for passage.

Stable Road made a full-court press in the last two weeks to win approval for the extension, including news releases and a one-hour webinar. It argued that it needed the extra time to complete the deal, and that it was not uncommon for SPACs to see three- and six-month extensions to close deals.

A SPAC typically has a two-year period from the time it raises money by going public to merge with a privately held company. Stable Road had only an 18-month deadline for completing a deal, Kabot noted earlier this month.

While Stable Road now has three more months to complete a merger with Momentus, it still faces several obstacles for doing so. Momentus announced May 11 that the Federal Aviation Administration denied its payload review application, which the company sought in order to fly its first two tugs as part of a SpaceX rideshare launch in June. The FAA informed Momentus that an interagency review concluded “the launch of Momentus’ payload poses national security concerns” because of the company’s foreign ownership.

The company has spent months addressing those foreign ownership concerns, raised early this year by the Defense Department. Mikhail Kokorich, the Russian co-founder of the company, stepped down in January, and in March he and Brainyspace LLC, a firm owned by co-founder Lev Khasis and his wife, agreed to divest their shares within three years.

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Source: https://spacenews.com/shareholders-approve-extension-of-momentus-deal/

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