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ARCA has issued a statement following the arrest last week of Dumitru Popescu for embezzlement and fraud.
ARCA Space Corporation will continue the development of its aerospace technology as scheduled. The company has full confidence in CEO Dumitru Popescu and expects him to lead the efforts. Mr. Popescu was charged in New Mexico state courts with alleged embezzlement and securities issues. However, Mr. Popescu maintains his innocence and expects to prevail in court proceedings.
Meanwhile the work of the company will proceed with a goal of presenting a successful aerospike rocket engine.