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🚀 Tomorrow.io SPAC Terminated

🚀 Tomorrow.io SPAC Terminated

March 11, 2022

The Space Scoop

Week Ending 03.11.2022

Happy Friday! A warm welcome to our new readers. This week we saw Tomorrow.io's SPAC deal terminate while SatixFy will hit the public markets via its own proposed SPAC merger. Momentus and Spire reported Q4 / FY2021 earnings, $130M of capital was raised, and AST SpaceMobile officially announced the launch of its BlueWalker 3 satellite this summer. Lets dive in.

Market Max-Q 📈

Tomorrow.io SPAC Merger Terminated

On Monday morning, Pine Technology Acquisition and Tomorrow.io called off their previously announced business combination. The reason? "Market conditions." Tomorrow.io will pay $1.5M to terminate the agreement and $PTOC goes back to the drawing board of finding a new target. "It's just not a good time for growth stage companies to go public right now," said co-founder and Chief Strategy Officer Rei Goffer.

Spire and SNC Partner

$SPIR announced a partnership with Sierra Nevada Corp. on a space services program regarding radio frequency (RF) collection and analysis. Spire will utilize its four 6U satellites to enhance Sierra Nevada technology that "detects and geolocates certain objects based on targeted RF emissions." The program will provide valuable insight into how military and government organizations can better manage RF emissions and safeguard against RF and GPS interference.

SatixFy Going Public via SPAC Merger

On Tuesday, Endurance Acquisition Corp. ($EDNC) announced a proposed business combination with SatixFy at an ~$813M valuation. SatixFy is a vertically integrated fabless semiconductor chip company providing products across the satellite communications value chain. The transaction will result in up to $350M in gross proceeds, including a $29M PIPE with participation from Sensegain Group and Antarctica Capital, and up to $75M from Cantor Fitzgerald. “We are selling the picks and shovels for the 21st Century’s gold rush in space,” said co-founder and CEO Yoel Gat (who was CEO of $GSAT from 1987-2003).

Momentus Q4 / FY21 Earnings

• Cash and equivalents of $160.0M.• Revenue: Q4 $0 and FY $330K.• OpEx: Q4 $24.6M and FY $100.2M.• FY net income of $120.6M compared to -$307.0M in 2020.• Adj. EBITDA: -$59.4M vs -$29.4M YoY.• Signed Launch Services agreements with SpaceX for inaugural launch of Vigoride and other missions in 2022/23.• CFO stated the company had enough cash to go to the “earlier part” of 2023.• Shares traded +8.9% higher on the report.

Spire Q4 / FY21 Earnings

• Q4 revenue of $15.0M, +106% YoY.• FY21 revenue of $43.4M, +52% YoY.• ARR of $70.8M, +96% YoY.• 598 organic ARR customers, +288% YoY.• FY22 Guidance: Revenue $85-90M, ARR $100-105M, ARR customers 720-740, Adj. EBITDA -$34 to -29M.• Shares finished -6.9% lower on the day.

In Other News 🛰️

Interstellar Labs Raises $5M Seed Round

(Company)

Participants in the round include Urania Ventures, Auxxo, 7percent Ventures, Seldor Capital, E2MC, Kima Ventures and BPI. The capital will allow for a workforce doubling to accelerate manufacturing of first BioPods for Earth market this year.

AST SpaceMobile and SpaceX Announce Multi-Launch Agreement

(Company)

The $22.8M agreement covers a summer launch of the BlueWalker 3 test satellite (BW3), the launch of the first BlueBird satellite and provides a framework for future launches. Shares rose +44.9% on the news.

Slingshot Aerospace Raises $25M Series A-1 Round

(Company)

The space simulation and analytics startup adds to its prior $9.6M Series A from October 2020, bringing the total raised to $34.6M. The oversubscribed round was co-led by Draper Associates and ATX Venture Partners.

Hermeus Raises $100M Series B Round

(CNBC)

Sam Altman led the round in the hypersonic aircraft startup, with new investors Founders Fund and In-Q-Tel. Existing investors Khosla Ventures, Canaan Partners, Bling Capital, and Revolution’s Rise of the Rest also participated. Valuation was not disclosed.

Motiv Space Systems and Blue Origin Announce ModuLink

(PRNewswire)

The Defense Innovation Unit's contract relates to the development of modular and scalable space robotics for on-orbit resiliency. The project is planned as a three-year development cycle concluding in a flight demonstration.

Quick Links 🔗

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Astra ($ASTR) Post-Launch Investigation: What We Found and Next Steps

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Intelsat Announces Next CEO

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Iridium ($IRDM) Board Approves Additional $300M Share Repurchase Program

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Absolute Return Podcast Chat With Terran Orbital ($TWNT) CEO Marc Bell

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Inversion Space: Dreaming of Suitcases in Space

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Seraphim Space ($SSIT) Appoints New COO

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AAC Clyde Space ($ACCMF) Wins €0.5M Follow-On Order for Subsystem

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Virgin Orbit ($VORB) To Launch First Space Forge Satellite From U.K. Spaceport in Summer 2022

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Ursa Space Unveils Imagery Catalog Search on AWS Data Exchange for APIs

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Satellogic ($SATL) Announces Upcoming Launch of Five New Satellites Onboard SpaceX Transporter-4 Mission

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Aurora Propulsion Technologies and Kayhan Space Partner To Launch Autonomous Collision Avoidance System

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MDA ($MDA) Awarded $269M Contract for Next Phase of the Canadarm3 Program

Opinion 🗣️

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Space SPACs See Their Stock Prices Crash Back to Earth

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Virgin Galactic ($SPCE) Has a Price Problem

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Why the AST SpaceMobile ($ASTS) SpaceX Deal Is Big News

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Maxar ($MAXR): Well-Positioned for Times of Strife and Beyond

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EchoStar ($SATS): A Cheap Way Into the Satellite Market

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Maxar ($MAXR): Weak Capital Structure But Robust Future Growth Prospects

Calendar 📅

• $MDA: March 17 - Before Market Open• $ASTR: March 17 - After Market Close• $TWNT: March 22 - Merger Vote• $PL: March 31 - After Market Close

*Company confirmed dates only.

Chart of the Week 📊

AST SpaceMobile ($ASTS) had a wild week of trading, closing +39.3% higher, following news of a signed multi-launch agreement with SpaceX. The news confirms to the 🅰️ gang that BlueWalker 3 and future BlueBird satellites will soon be hitting the skies.

🚀 Tomorrow.io SPAC Terminated