The Space Investor - 🚀 Lynk To Go Public via SPAC

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The Space Scoop
Week Ended 12.22.2023
Happy Friday! And Happy Holidays! There is a new space SPAC on the horizon, ULA is nearing a sale and Blue Origin successfully returned to the launch pad. Lets dive in.

Housekeeping: There will be no newsletter published next week. We will be back in your inboxes on January 5th. Wishing you all a happy and health New Year!  

Market Max-Q

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Top Stories

1) Lynk Global announced SPAC merger Slam Corporation ($SLAM) at an $800M valuation.
  • On Sunday evening in a back from the dead moment, Lynk the satellite communications provider announced it was going public via merger with Alex Rodriguez's SLAM SPAC.
     
  • Lynk is working on satellite service to mobile devices, similar to competitor AST SpaceMobile ($ASTS), and has launched three commercial satellites since 2022.
     
  • SLAM previously held talks with sports card maker Panini SpA before the deal fell apart in 2021. ~60% of the then investors redeemed their shares when the SPAC sought approval to extend a deadline to continue finding a target. SLAM is left with ~$200M, compared with the $575M raised in 2021.

2) ULA's sale process is now down to three bidders: Blue Origin, PE firm Cerberus and Textron ($TXT). 
  • ULA, the JV between Boeing ($BA) and Lockheed Martin ($LMT), has been no stranger to rumors swirling around about a potential sale. This week, the WSJ reported that the sale process is down to three prospects, with two having places confirmed bids.
     
  • Offers submitted by ULA’s suitors have not been disclosed yet and it is possible that a deal may not materialize. Investment Bank Jefferies estimates that ULA could fetch $2 to $3B in a sale.
     
  • Tory Bruno, ULA’s CEO, recently told reporters that the company had sold 70 Vulcan flights, giving it a backlog worth billions of dollars.

3) Rocket Lab ($RKLB) entered into a $515M agreement with a U.S. government customer to design, manufacture, deliver and operated 18 space vehicles.
  • On Thursday after market close, the Company filed an 8-K to disclose the news and has yet to issue a press release for the big news that sent shares surging +23% on Friday.
     
  • The contract has a total value of $515M, which includes a base amount of $489M and incentives / options for an additional $26M.
     
  • Work will begin immediately with the delivery of the space vehicles to the customer slated for 2027 and operation of the satellites through 2030, with an option for through 2033.

In Other News

Sidus Completes 1-for-100 Reverse Stock Split (Company)
The reverse stock split was previously approved by shareholders and became effective at 4:01PM EST on December 19th. $SIDU shares opened Thursday's trading at a split-adjusted $3.60 and remain -96% YTD.

Terran Orbital CEO Expecting Rivada Payment (SeekingAlpha)
Marc Bell noted in an interview Tuesday that “there’s a possibility” that the $LLAP could receive payment from Rivada Networks “in the next few days” per a text exchange with their CEO on Tuesday. These $2B+ in payments have caused a lot of heartache for the company recently. Lets see what we learn next week..

Galactic Energy Raises $154M Series C / C+ Round (SpaceNews)
The Chinese launch startup will use the funding toward R&D re: development of its reusable Pallas-1 rocket. The rounds were led by Ziyang Heavy Industry Fund, with participation from Bengbu Investment Group, Langfang Linkong, Founder Hesheng Investment and Jintuo Capital.

Chart of the Week

2023 Largest Funding Rounds: Spaceflight and infrastructure businesses continued to bring in the biggest checks. (Source)

Links

• Viasat ($VSAT) and Safran Sign MoU To Innovate With InRange Rocket Telemetry System

• Blue Origin Successfully Completes 24th New Sheppard Mission

• Virgin Galactic ($SPCE) 'Galactic 06′ Mission Launch Window Opening January 26th

• Sidus ($SIDU) Announces Issuance of New U.S. Patent for Electromagnetic Interference Filter Unit

• Intuitive Machines ($LUNR) IM-1 Lunar Mission Launch Now Targeting Mid-February 2024

• Planet ($PL) To Nominate Susan Wojcicki for Election to the Board of Directors

Opinion

• SpaceX Starship in Lunar Development

• Beyond the Horizon: A Primer on Iridium Communications ($IRDM)

• Redwire ($RDW): Speculative Buy on Space Growth

Earnings Calendar

• $NOC: Jan 25 - Before Market Open

*Company confirmed dates only.
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