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Days after Ursa Major said it would go public by merging with a special purpose acquisition company, Astrum Space announced it plans to pursue a similar path to the public market.
El Segundo, California-based Astrum said it would merge with the Black Spade Acquisition III special purpose acquisition company (SPAC) with the goal of trading on the New York Stock Exchange before year-end. The deal values the company, which is looking to deploy a satellite-to-device broadcast and data distribution network, at $1 billion, Astrum said.
Space SPACs boomed in 2021, though they have fallen out of favor more recently as interest rates rose and after some companies that came to market struggled to deliver on promised financial returns.
The company, which is looking to service the Asia-Pacific region, also plans to launch its Neastar-1 geostationary-orbit satellite, now in development through Swissto12. Launch of the HummingSat-based spacecraft is planned for late 2028 or early 2029. The company aims to deliver L-band service to smartphones and connected devices.
“Astrum has reached an important inflection point,” CEO Michael Do said, adding, “The proposed combination with Black Spade Acquisition III Co. is expected to strengthen our ability to execute our commercialization strategy and expand strategic partnerships across the region.”
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