A blank-check company targeting firms serving the “global space economy” is seeking a $100 million raise for an initial public offering, according to a Securities and Exchange Commission filing.
The special purpose acquisition company (SPAC), Mission Control Acquisition Corp., will seek to merge with companies operating beyond the edge of the atmosphere, be they in the business of space communications, tourism, exploration, navigation, or earth observation.
The firm will offer 10 million units priced at $10 and would command a market value of $126 million at the proposed deal size. It plans to list on the New York Stock Exchange under the symbol MISNU. EarlyBird Capital and Exos Securities LLC served as joint bookrunners for the deal.
Mission Control has not yet selected a business combination target or had discussions with any potential suitors, according to the filing, published Thursday.
“Our management believes that the global space economy has significant market potential, related to the development and use of space technology, including the design, manufacturing, launch, and operation of satellites, spacecraft, and other space-related systems,” the company wrote. “It also includes activities such as space exploration, space tourism, and the development of space-based services and applications such as telecommunications, Earth observation, and navigation.”
Mission Control is led by CEO and director Kira Blackwell, a former executive within NASA’s Space Technology Research Directorate. Blackwell led the creation and implementation of NASA iTech, an innovation initiative that awards Small Business Innovation Research (SBIR) grants to early stage, high-risk technologies.
Richard Ambrose, president of mergers and acquisitions specialist AmbroseAdvisors, will serve as chairman. Ambrose is the former vice president of Lockheed Martin Space Systems and a current director at Textron Aviation.
“We believe that the continued growth of the global space economy will provide opportunities for privately held aerospace and defense service provider companies to meet the current and projected demand that exists in the market more effectively with a successful business combination and that such companies will be well received by the public investors,” the company wrote in its filing. “Given the experience, personal and professional networks, and resources of our management team, board of directors, and advisers, we believe that we will be able to successfully identify and partner with a company that can meet the current demand in the industry.”
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