Merger Agreement Between D-Orbit, Breeze Holdings Terminated
A merger agreement between Breeze Holdings Acquisition Corp., a publicly traded special purpose acquisition company (SPAC), and D-Orbit S.p.A., a space logistics and transportation company, has been terminated by mutual agreement, effective immediately.
"The financial markets have changed substantially, and we believe that terminating our merger is in the best interest of both D-Orbit and Breeze shareholders."
J. Douglas Ramsey, Ph.D., Chairman and CEO of Breeze Holdings.
“Since the outset of our discussions with D-Orbit over a year ago, we have continued to believe in the Company’s unique value proposition and the innovation inherent in their solutions,” said J. Douglas Ramsey, Ph.D., Chairman and CEO of Breeze Holdings. “However, the financial markets have changed substantially, and we believe that terminating our merger is in the best interest of both D-Orbit and Breeze shareholders. On behalf of Breeze, we wish Luca and the D-Orbit team the best of luck and look forward to cheering on their continued successes. As we look ahead, we remain focused on identifying another value creating opportunity for Breeze shareholders.”
“Despite market conditions that were beyond our control and the subsequent need to terminate our agreement with Breeze, we remain incredibly confident about D-Orbit’s business and continued growth,” said Luca Rossettini, Ph.D., Chief Executive Officer of D-Orbit. “With our unrivaled ION Satellite Carrier as a foundation and the diversified revenue streams our main line of business already generates, we are setting D-Orbit apart as the global leader in the orbital transportation market. Just this year alone, we have completed more missions than any of our peers, expanded and diversified our customer base across four continents with even more blue-chip companies looking to use our services, secured 11 additional slots with SpaceX and other global launch providers for 2023 and continued to build out the next phase of our In-Orbit Servicing technology, which is also generating revenues from early adopters within institutional and commercial space operators. In addition, we have successfully proven our space cloud infrastructure with almost a dozen third-party applications run on our D-Orbit Cloud Nodes currently in orbit. As we chart our next phase of growth, D-Orbit is moving full speed ahead to achieve our mission of enabling expansion in space and fueling the new space economy.”
Since announcing the proposed merger agreement with Breeze in January, D-Orbit has steadily moved along its roadmap and launched an additional three ION Satellite Carrier (ION) missions – six currently in orbit and three scheduled for the remainder of 2022; delivered more than 80 customer payloads into orbit in total; announced several new signed customer contracts among D-Orbit’s outstanding customer base, including 30% of existing satellite operators; made progress expanding payload integration and incoming ION assembly in the U.S.; secured eleven ports for launch on SpaceX and on other launchers in 2023; and continued innovating on its suite of in-orbit solutions, including the deployment of D-Orbit Space Cloud and buildout of its In-Orbit Servicing capabilities, positioning the Company to capture long-term growth opportunities.
Details of the termination of the merger agreement will be provided in a Current Report on Form 8-K to be filed by Breeze Holdings with the U.S. Securities and Exchange Commission and available at www.sec.gov.
(Source: D-Orbit news release)