Seraphim Space Investment Trust, the world’s first publicly listed SpaceTech investment company, noted the termination of a proposed merger between portfolio company D-Orbit and Breeze Holdings Acquisition Corp (NASDAQ:BREZ).
D-Orbit and Breeze concluded that the financial markets have changed unfavourably since the transaction was first proposed, mutually agreeing that terminating the deal is in the best interests of all shareholders.
James Bruegger, chief information officer of Seraphim Space Manager, the trust’s investment manager, said: "Since this agreement was first announced in January, financial markets have changed substantially, and it is clear that the merger agreement is no longer viable for either of the parties.
"Nevertheless, this does not change our outlook for D-Orbit, and we remain confident about the future of the company.”
As leader in space logistics and orbital transportation services, a stake in D-Orbit was acquired by Seraphim Space Investment Trust in December 2021.
Seraphim Space does not believe that the terminated deal will have a material impact on D-Orbit's fair value, cited as £18.9mln in March 2022.
London-listed SSIT shares were trading at 616p on the London Stock Exchange as of 09:15.