- Promus Ventures
Newsletter #6: Virgin Orbit and Satellogic SPAC News
New Space Activity
New Space Listings
Virgin Orbit completed its SPAC transaction with NextGen Acquisition Corp II and started trading on the NASDAQ on December 30th. Virgin Orbit saw significant redemption rates, similar to many recent deep-tech SPACs. The transaction will add $228M in gross proceeds to the company's balance sheet, with $68M coming from trust proceeds. The transaction was originally supposed to generate $483M in gross proceeds, including a $100M PIPE, which implies that redemptions were in excess of 80%. The merger vote for the proposed SPAC transaction between CF Acquisition Corp. V and Satellogic was delayed for a third time Dec. 30. The parties said that they needed more time for negotiations with a potential investor for additional financing, which may indicate that the parties to the transaction are concerned about high redemption rates from SPAC shareholders. The vote has been rescheduled for January 24th 2022.
Firefly Aerospace is delaying the preparations for their next launch after the US Government asked Firefly's largest shareholder to divest its stake for national security reasons. This sale comes at the request of the Committee on Foreign Investment in the United States (CFIUS).
No companies in our New Space Index have reported results in the past two weeks.
Share Price Movements
The top performing new space companies in our index, from a share price perspective, in the last two weeks are highlighted below, followed by the top five legacy space companies that we are tracking.
New Space Companies - Top Five Share Price Performers
Legacy Space Companies - Top Five Share Price Performers
As many of the newly listed New Space companies currently do not report meaningful revenue multiples (either forward or backward looking) we caveat that the revenue multiple numbers below should be considered carefully. As revenue multiple data becomes more meaningful for the New Space ecosystem it will allow for more in-depth analysis and comparison with the Legacy space ecosystem.
New Space Companies - TTM Revenue Multiples
Legacy Space Companies - TTM Revenue Multiples
New Space Companies - Forward (FY2021) Revenue Multiples
Legacy Space Companies - Forward (FY2021) Revenue Multiples
All market data from end of trading day Wednesday, 1/5/2021.
Promus Ventures invests in early-stage deep tech startups solving complex problems to advance everyday lives across the world. Some of Promus Ventures’ other leading portfolio investments include Rocket Lab (Nasdaq: RKLB), Whoop, Spire (NYSE: SPIR), Mapbox, ICEYE, Bellabeat, Swift Navigation, AngelList, Behavox, Gauss Surgical, Figure Eight, Isotropic Systems, Halter, Cobalt, Safehub, and numerous others.
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