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The Space Investor - 🚀 World View SPAC Dissolves

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The Space Scoop
Week Ended 11.24.2023
Happy Friday! And Happy Thanksgiving to our US-based readers! 🦃 It was a quiet week due to the Holiday. Lets dive in.

Market Max-Q (thru 11/22)

Top Stories
1) World View SPAC deal falls through.
  • In no shock to anyone and following discussions of another postponement, World View and Leo Holdings Corp. II ($LHC) have terminated their SPAC business combination agreement.
     
  • Citing "challenging market conditions," the stratospheric balloon tourism startup tried to but couldn't outlast the recent downturn in space funding (but overall early-stage tech) space.
     
  • LHC has extended the voting deadline seven times since announcing the deal, and 88% of shareholders voted to allow an 11 month-long extension until October 12, 2024.
     
  • Investors have watched Space SPACs crash -75% to -99%. $LUNR bucked the trend for a moment, but is now -70% YTD. $LHC delays were from investors hopeful to wait it out and find their window, but going public in this current market is a sure way to guarantee the destruction of value. Will we see World View try again in the future?

In Other News
Iridium CEO Acquires $1M of Shares (SEC)
In an SEC filing with a transaction date of 11/20/2023, $IRDM CEO Matt Desch picked up 28,000 shares at an $37.01 price totaling $1.04M. This appears to be his first transaction since February 2023.

Morgan Stanley Downgrades Virgin Galactic (Investing)
The Wall Street firm adjusted its rating from 'Equal Weight' to ‘Underweight’ and a $1.75 per share price target on the following: “$SPCE is pausing revenue-generating space flights as it conserves cash and redoubles efforts on Delta. We like the long term potential, but see limited opportunities for share price accretion during this upcoming lull period.” Shares fell -6.6% on Wednesday on the news.

Chart of the Week
2023 YTD Performance: Using the $UFO Space ETF as a proxy (and despite the recent bounce), space related stocks across the board continue to underperform the S&P 500 this year by a large margin by ~37.5%. With about a month to go in 2023, investors will have to turn to 2024 to regain any ground.

Links
• MDA ($MDA) Announces Strategic Expansion in the UK

• Viasat’s ($VSAT) Broadband Arctic Extension Closer As Spacecraft Complete Key Tests

• Satellogic ($SATL) Receives NOAA License To Expand US Government Business

Opinion
• Sorry, Doubters: Starship Actually Had a Remarkably Successful Flight

• Investors Have High Hopes for Defense Tech Amid Growing Venture Interest

• Betting on Deep Tech

• Spire ($SPIR): Some Tidy Improvements, but Upside Could Be Capped in the Short-Term

Earnings Calendar
• $PL: Dec 7 - After Market Close
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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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