by Douglas Messier
Shares of space infrastructure and manufacturing conglomerate Redwire (RDW) surged by 16.57 percent on Friday during the company’s first day of trading on the New York Stock Exchange. The stock price rose by $1.74 to $12.24.
The debut came after shareholders of Genesis Park Acquisition Corp. overwhelmingly backed a merger with Redwire on Wednesday. Genesis Park was a special purpose acquisition company (SPAC) that was already traded on NYSE that was established by investors with the goal of finding a company with which to merge and take public.
Redwire was formed in 2020 by the private equity firm AE Industrial Partners. Redwire has acquired seven space companies, including:
- Adcole Space: focuses on the design, manufacturing, integration and testing of spacecraft components for application in the commercial, research and military sectors;
- Deep Space Systems: specializes in systems engineering, spacecraft design, development, integration and testing, deep space mission operations, and high-definition space-qualified cameras;
- Deployable Space Systems: designs, analyzes, builds, tests and delivers deployable solar arrays, deployable structures and space system products;
- LoadPath: specializes in mechanical, structural, and thermal technologies for satellite and space launch applications;
- Made in Space: focuses on 3D printers and in-space manufacturing and assembly;
- Oakman Aerospace: specializes in space systems design, assembly, integration, and testing; and
- Roccor: manufacturer of manufacturer of solar panels, antennas, and deployable booms.
Redwire is the latest in a wave of space companies to go public by merging with a SPAC. Other companies include AST & Science, Astra Space, Spire Global, Momentus, Rocket Lab and Virgin Galactic. Virgin Orbit has also announced plans to merge with a SPAC.