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Space SPAC Index – Intuitive Machines to Raise More Money

By Doug Messier
Parabolic Arc
July 7, 2023
Filed under , ,
Space SPAC Index – Intuitive Machines to Raise More Money
Nova-C lander on the moon. Image credit: Intuitive Machines.
Image credit: Intuitive Machines.

Welcome to S-SPACi! In this week’s edition, Intuitive Machines filed to sell more stock, AST SpaceMobile raised $56.9 million selling shares, Terran Orbital received more time to build Rivada’s satellite constellation, Satellogic and OHB signed an MOU, Astra created an engine subsidiary, and Momentus canceled its annual meeting.

Intuitive Machines Raising Additional Money

Lunar services company Intuitive Machines (Nasdaq: LUNR) has filed documents with the Securities and Exchange Commission (SEC) to sell 95.2 million shares of Class A common stock, 8.3 million warrants to purchase shares of Class A common stock at an exercise price of $11.50 per share, and 21.9 million shares of Class A common stock issuable upon the exercise of outstanding warrants to purchase stock.

AST SpaceMobile Raises Funds

AST SpaceMobile (Nasdaq: ASTR) raised $56.9 million selling 12.5 million shares of Class A Common stock. Shares were sold at $4.55 apiece. AST SpaceMobile granted Barclays Capital, which managed the offering, a 30-day option to purchase up to 1.875 million shares that would raise $8.5 million in proceeds.

Terran Orbital Gets More Time

The International Telecommunications Union (ITU) has waived a requirement that Rivada Space Networks place 10 percent of its 300-satellite constellation in orbit this year. That’s good news for Terran Orbital (NYSE: LLAP), which has a $2.4 billion contract to manufacture the communications satellites. Rivada has an option with Terran Orbital to build an additional 300 satellites.

The ITU Radio Regulations Board gave Rivada approval to proceed with a deployment of 150 satellites by June 2026 and the remaining 150 satellites by September 2026. Twelve on-orbit spares are included in the deployments. Rivada must deploy all 600 satellites in its full constellation by 2028.

“We are building something unique, which we call the OuterNET: the first truly private global network, on which data travels through space alone and not over terrestrial networks to provide ultra-secure communications anywhere on the globe,” said Rivada CEO Declan Ganley.

Space SPAC Index
July 6, 2023

CompanyFirst Trading DayOpening Share PriceHighClosing Price
Astra Space (Nasdaq: ASTR)July 1, 2021$12.30$16.95 (7/2/21)$0.37
AST SpaceMobile (Nasdaq: ASTS)April 7, 2021$11.63$15.48 (6/30/21)$4.20 (NYSE: BBAI)Dec. 8, 2021$9.84$16.12 (4/6/22)$2.08
BlackSky (NYSE: BKSY)Sept. 10, 2021$11.80$13.20 (9/16/21)$2.05
Intuitive Machines (Nasdaq: LUNR)Feb. 14, 2023$10.00$136.00 (2/20/23)$8.14
Momentus (Nasdaq: MNTS)Aug. 13, 2021$10.8512.87 (9/7/21)$0.28
Planet Labs (NYSE: PL)Dec. 8, 2021$11.25$11.65 (12/8/21)$3.18
Redwire (NYSE: RDW)Sept. 3, 2021$10.70$16.98 (10/25/21)$2.48
Rocket Lab (Nasdaq: RKLB)Aug. 25, 2021$11.58$21.34 (9/9/21) $5.60
Satellogic (Nasdaq: SATL)Jan. 26, 2022$9.19$10.92 (5/4/22) $1.98
Satixfy (NYSE AMERICAN: SATX)Oct. 28, 2022$8.29$51.70
Spire (NYSE: SPIR)Aug. 17, 2021$10.25 $19.50 (9/22/21)$0.53
Terran Orbital (NYSE: LLAP)March 28, 2022$12.69$12.69 (3/28/22) $1.40
Virgin Galactic (NYSE: SPCE)Oct. 28, 2019$11.79$62.80 (2/4/21)$3.68
Stock Price Source: Google Finance.

Satellogic & OHB Sign MOU

Satellite operator Satellogic (Nasdaq: SATL) and OHB SE of Germany have signed a memorandum of understanding to explore the development of advanced Earth observation data services. The agreement seeks to leverage Satellogic’s constellation of high-resolution Earth observation satellites and OHB’s experience in creating value-added data services.

The two companies aim to expand the use of Earth observation data and products to create a greener and more sustainable planet. They are focused on applications for day-to-day decision-making in the fields of agriculture, forestry, energy, critical infrastructures, and climate change mitigation.

Astra Space's Spacecraft Propulsion Kit
Spacecraft Propulsion Kit. Image credit: Astra Space.

Astra Space Creates Engine Subsidiary

Astra Space (Nasdaq: ASTR) has created a new subsidiary, Astra Spacecraft Engines, as part of a corporate restructuring. TechCrunch reports the change was made to separate Astra’s rocket engine and spacecraft component businesses. Rocket engine exports are governed by the strict International Traffic in Arms Regulations, while spacecraft components are governed by Export Administration Regulations. Astra, which is facing dwindling cash reserves, could also take out loans against its new subsidiary.

Astra Space entered the rocket engine business when it acquired Apollo Fusion in June 2021 for $30 million in stock and $20 million in cash.

Momentus Cancels Annual Meeting

In-space transportation company Momentus (Nasdaq: MNTS) has canceled its annual meeting of shareholders for the 2023 fiscal year due to a lack of a quorum. The meeting was originally set for May 30 but was adjourned several times due to the lack of a quorum. The annual meeting has been rescheduled for May 2024.

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