House SPAC brings in $287.5M with former Blue Origin exec as CEO

Space SPAC brings in $287.5M with former Blue Origin exec as CEO

House trade govt Rob Meyerson speaks on the 2016 Worldwide Symposium on Private and Industrial Spaceflight in New Mexico. (ISPCS through YouTube)

A blank-check firm that has former Blue Origin President Rob Meyerson as its CEO has accomplished a $287.5 million preliminary public providing, furthering its plans to hyperlink up with ventures specializing in area, cybersecurity and power innovation.

C5 Acquisition Corp. closed the IPO with the sale of 28.75 million items at $10 per unit, which was 3.75 million items above the unique allotment on the market. These items are actually listed as CXAC.U on the New York Inventory Trade, and customary inventory is anticipated to be listed as CXAC.

Clean-check corporations — formally often known as special-purpose acquisition corporations, or SPACs — use their capital to pursue mergers or different kinds of enterprise combos with ventures in focused trade segments.

The technique usually accelerates the method of going public, and it’s been used with a rising variety of area ventures, together with Virgin Galactic, Virgin Orbit, Rocket Lab, BlackSky and Astra. Seattle-area telecom pioneer Craig McCaw performed a key function within the SPAC deal involving Astra, which set that firm’s worth at $2.1 billion.

In a information launch, C5 Acquisition Corp. mentioned it might search for offers associated to nationwide safety issues.

“Whereas the corporate could pursue an preliminary enterprise mixture with any firm in any trade, the corporate intends to give attention to companies at the vanguard of nationwide safety innovation in three key sectors: area, cybersecurity and power transition,” C5 Acquisition Corp. mentioned.

Meyerson served because the president of Blue Origin, Jeff Bezos’ privately held area enterprise, from 2003 to 2018. In 2020, he turned an working associate at C5 Capital, a agency that invests in cybersecurity, AI, cloud and area ventures. Its portfolio consists of Axiom House, which is because of ship three clients to the Worldwide House Station this yr and can also be growing its personal area outpost.

Final yr, Meyerson informed GeekWire that C5 Capital was “extremely motivated” to hunt out new markets within the area trade. “Knowledge storage and compute is one market,” he mentioned. “Cybersecurity is one other.”

At the moment, Meyerson mentioned all of the items had been in place for the following step.

“We now have constructed an excellent staff with expertise at Jacobs, Microsoft and the intelligence neighborhood, together with Blue Origin, and with backgrounds in area, cybersecurity, cloud, analytics and power,” he informed GeekWire in an e mail. “I’ve personally mentored and suggested among the most fun new area corporations, and this can present a really distinctive supply of proprietary deal circulate.”

C5 Capital is serving because the sponsor for C5 Acquisition Corp. and can present help for deal-flow and acquisition processes. The SPAC’s non-executive board chair is Steve Demetriou, who’s the chair and CEO of Jacobs Engineering. David Glickman, a associate at Resilience Capital, is the SPAC’s chief monetary officer and chief enterprise growth officer.

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Written by LessDaily.Com


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