Seraphim Investors in D-Orbit SPAC Announcement

LONDON (Seraphim Space Investment Trust PR) — Seraphim Space Investment Trust plc (LSE: SSIT), the world’s first listed fund focused on Space Tech, is announcing today that its portfolio company D-Orbit S.p.A. (“D-Orbit”), an Italy-based and market leading space logistics and transportation company will, subject to a number of outstanding conditions, become publicly listed through a business combination with Breeze Holdings Acquisition Corp. (NASDAQ: BREZ), a publicly traded special purpose acquisition company (the “Proposed Transaction”).

Following the close of the Proposed Transaction, which is expected to occur in the second or third quarter of 2022, the combined entity would be listed on Nasdaq Capital Market under the ticker symbol “DOBT” and would imply a post money Enterprise Value of approximately $1.28 billion.

As previously announced, SSIT acquired its holding in D-Orbit in December 2021 from the Seraphim Space LP (“Seraphim Space Fund”) at the 31 May 2021 valuation in line with the sale and purchase agreement signed at IPO. SSIT currently has a 9.3% fully diluted holding in D-Orbit.

There can be no certainty that the Proposed Transaction will occur and, if it does, regarding the price at which its shares will trade relative to the implied Enterprise Value. As such, SSIT does not anticipate that any change in NAV will be reflected in the Company’s NAV as of 31 December 2021.

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented: “D-Orbit is greatly enhancing and accelerating our capabilities in space. Making Space more accessible but also more sustainable is critical to the future of both the Space sector and the wider world as we know it. D-Orbit has pioneered solutions to both these issues and is set to play a central role in enabling the trillion-dollar in-orbit space economy.”

James Bruegger, CIO of the Company’s investment manager, Seraphim Space (Manager) LLP, and a main board director of D-Orbit added: “We first backed D-Orbit in 2019 due to its vision for creating the in-space logistics market. Since then, it has established in-orbit ‘last mile’ delivery solutions for satellites, having now successfully delivered more than 70 payloads into orbit via its ION Satellite Carrier spacecraft– something very few other companies have matched. These same ION spacecraft are now also starting to form the basis of the space-based infrastructure that will be used to do everything from cleaning up orbital debris, servicing other satellites, to hosting space-based cloud computing. While there can be no certainty until the proposed transaction is completed, today’s announcement is an important step in D-Orbit’s quest to create sustainable space logistics infrastructure.”