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Jan. 27, 2022, 7:21 a.m. EST

D-Orbit to go public through $1.28 billion merger deal with SPAC Breeze Holdings Acquisition

Italy-based D-Orbit SpA is set to go public, as it announced Thursday an agreement to merge with special purpose acquisition company (SPAC) Breeze Holdings Acquisition Co. (NAS:BREZ) in a deal valuing the space logistics and transportation company at $1.28 billion. The deal is expected to deliver $185 million in cash proceeds at the closing, which is expected to occur in the second or third quarter of 2022. After closing, the company will continued to be led by D-Orbit by its founders, Chief Executive Luca Rossettini and Chief Commercial Officer Renato Panesi. Breeze and D-Orbit said they are partnering with The Charles F. Bolden Group to help facilitate the next phase of D-Orbit's growth. Breeze's stock, which rose 2.9% in premarket trading, has gained 0.9% over the past three months through Wednesday, while the S&P 500 (S&P:SPX) has lost 4.4%.

Link to MarketWatch's Slice.