Redwire to go public
Capitalism in space: Redwire, the space company created when it merged with Made in Space in exchange for providing it a large influx of capital, is now going public, merging with another investment capital SPAC.
Redwire, a firm that has acquired several space technology companies in the last year, announced March 25 that it will go public by merging with a special-purpose acquisition corporation (SPAC). Redwire said it will merge with Genesis Park Acquisition Corp., a SPAC that went public in November 2020. The merger will provide Redwire with $170 million in capital, valuing the company at $615 million. The companies expect the deal to close by the end of the second quarter of this year, at which point Redwire will be publicly traded on the New York Stock Exchange.
…Redwire [is] unique among space companies going public through SPACs in that it has both revenues and profits. The company reported $119 million in revenue in 2020, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $13 million.
This company now joins Momentus, Rocket Lab, Astra, and a number of other new commercial space startups that have recently announced the decision to go public.
Capitalism in space: Redwire, the space company created when it merged with Made in Space in exchange for providing it a large influx of capital, is now going public, merging with another investment capital SPAC.
Redwire, a firm that has acquired several space technology companies in the last year, announced March 25 that it will go public by merging with a special-purpose acquisition corporation (SPAC). Redwire said it will merge with Genesis Park Acquisition Corp., a SPAC that went public in November 2020. The merger will provide Redwire with $170 million in capital, valuing the company at $615 million. The companies expect the deal to close by the end of the second quarter of this year, at which point Redwire will be publicly traded on the New York Stock Exchange.
…Redwire [is] unique among space companies going public through SPACs in that it has both revenues and profits. The company reported $119 million in revenue in 2020, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $13 million.
This company now joins Momentus, Rocket Lab, Astra, and a number of other new commercial space startups that have recently announced the decision to go public.