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The Space Investor - 🚀 D-Orbit Calls Off SPAC

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The Space Scoop
Week Ended 08.19.2022
Happy Friday! Following a crazy week of earnings last week, the news flow took a much needed pause. Lets dive in.

📈 Market Max-Q
S&P 500: 4,228.49 -1.2%
NASDAQ: 12,705.23 -2.6%

UFO: 21.75 -5.2%
ROKT: 39.53 -3.1%
ARKX: 15.23 -5.4%
SSIT: 61.5 -0.5%

ASTS: 12.29 +5.7%
BKSY: 2.07 -20.1%
ASTR: 1.24 -23.0%
RDW: 2.92 -26.1%

1W return as of 4:00pm EDT.

🚀 Top Stories
1) D-Orbit and Breeze Holdings Acquisition ($BREZ) mutually agreed to terminate their proposed SPAC merger.
  • Both companies agreed that "financial markets have changed" since the proposed transaction was agreed upon in late January and that terminating the merger "was in the best interests of both parties." 
     
  • Hard to say you couldn't see this coming.. Space SPACs have been crushed and D-Orbit was last to the table in the frenzy. They follow Tomorrow.io in cancelling of a SPAC merger. Satixfy, the last pending Space SPAC, is still working to close its deal this calendar year. 
2) Several Wall Street analysts were out with rating and price target adjustments this week, including:
  • Momentus ($MNTS): Lowered PT to $5 from $7 by Deutsche Bank; Remains 'Buy'
  • Terran Orbital ($LLAP): $8 PT by Stifel; Rated as 'Buy'
  • Rocket Lab ($RKLB): Lowered PT to $12 from $16 by Morgan Stanley; Remains 'Overweight'
  • Virgin Galactic ($SPCE): Lowered  PT from $7 to $5 by Bank of America, Remains 'Underperform'
3) AST SpaceMobile ($ASTS) reported second quarter earnings on Monday after the market close. Highlights include:
  • Cash & Equivalents: $202.4M
  • Revenue: $7.3M, +162% YoY
  • Net Loss: $(8.1)M vs. $(65.1)M YoY  
  • BW3 Capitalized Costs: $86.6M
  • Patent & Pending Claims: 2,400+
  • Delayed BW3 Launch: Late 2023
  • Shares: +9.6%
4) Redwire ($RDW) announced it will develop a commercially owned and operated spaceflight-qualified greenhouse on the ISS.
  • Expected to launch by Spring 2023, the greenhouse will deliver valuable insights for crop scientists on Earth and expand humanity’s ability to grow full crops, from seed to maturity, in space.

🔭 Image of the Week
Taking a brief intermission from a chart this week to acknowledge NASA’s SLS rocket that was rolled out to Launch Pad 39B at Kennedy Space Center this week. Launch of the uncrewed flight test is targeted for August 29th at the earliest.

🔗 Links
• Astrobotic Bids $4.5M for Masten Space Assets in Bankruptcy Court

• Rocket Lab ($RKLB) To Launch 150th Satellite on Upcoming Mission for Synspective

• Terran Orbital ($LLAP) Wins Mission of the Year for CAPSTONE Spacecraft

• Virgin Orbit ($VORB) Earns AS9100 Certification

• AAC Clyde Space ($ACCMF) Announces €584K Order From OHB Sweden

• Global Heritage Fund Leveraging Planet’s ($PL) SkySat To Protect the Cultural Heritage

• Terran Orbital ($LLAP) Delivers LunIR to Cape Canaveral for Artemis 1 Launch

• IonQ ($IONQ) & Airbus ($EADSY) To Collaborate on Aircraft Loading Project Using Quantum Computing

• Sky Perfect JSAT Picks SpaceX’s Starship for 2024 Satellite Launch

• ICEYE Contracts With Ukraine Government To Provide Access to SAR Satellite Constellation

• Momentus ($MNTS) Announces Service Agreement for Hosted Payload With LuxSpace

🗣️ Opinion
• Where To Find Value in Space Stocks That Were Obliterated After the SPAC Frenzy

• 3 Space Stocks You Can Buy on the Dip and Hold for Years

• Virgin Orbit ($VORB): Still a Bet on the Future

• Why Does Space Access Matter?

• Op-Ed | Preparing for Maneuver Warfare in Space

📅 Earnings Calendar
• $PL: September 12 - After Market Close

*Company confirmed dates only.
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Disclaimer: The Space Investor ("TSI") does not provide financial advice. All content is for informational purposes only and is not a solicitation to buy or sell any assets. TSI is not a registered investment, legal, or tax advisor or a broker/dealer.

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