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Rocket Lab and Spire Global join SPAC space race to challenge Elon Musk s SpaceX
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Rocket Lab and Spire Global join SPAC space race to challenge Elon Musk s SpaceX
proactiveinvestors.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.co.uk Daily Mail and Mail on Sunday newspapers.
Sponsored
Prime Movers Lab, an investor in scientific breakthrough startups that has attracted capital from hedge fund managers Bill Ackman and Dmitry Balyasny, may soon benefit from a deal with another blank-check company.
The firm was an early backer of commercial space business Momentus, which is going public through a merger with special purpose acquisition company Stable Road Acquisition Corp. More SPAC mergers are coming, according to founder Dakin Sloss. “We have three others that will be announced soon,” he said during a phone interview with
Institutional Investor.
While Sloss declined to name the companies in the firm’s portfolio that will be next to go public, he said he believes that SPACs are more rewarding for shareholders compared to initial public offerings. That’s because “companies are allowed to show forward-looking financial statements” when setting valuation terms, which is similar to private funding markets but can’t be done in the IPO process
Space! It holds the promise of riches beyond our wildest dreams â solar systems bursting with precious resources ripe for the taking. Just the idea of such prizes has set off a frenzied rush by global business entrepreneurs to claim stakes in this new frontier.
The private sector has increasingly pushed aside governments and their contractors in a frenzied bid to develop commercial space exploration, at the same time using all their cost-cutting prowess to reduce the cost of putting people and objects into orbit. And that is only the first step.
This year, for example, there are three separate missions to Mars, which are scheduled to arrive this month. The Emirates Mars Mission is due to arrive next week, on Feb. 9. Its task is to study weather cycles and the Mars atmosphere overall.
Momentus CEO Mikhail Kokorich resigned in January 2021 due to regulatory concerns. Photo: Momentus
Momentus‘ founding CEO Mikhail Kokorich has resigned amid the company’s efforts to go public, due to regulatory concerns with his status as a Russian citizen. The company announced Jan. 25 that Kokorich has resigned, and Dawn Harms has been named interim CEO.
Stable Road Acquisition Corp., through which it will become a publicly traded company. The company said in the Jan. 25 release that along with Stable Road, it determined Kokorich’s resignation was in the company’s best interest to “expedite the resolution of U.S. government national security and foreign ownership concerns surrounding the company.”
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