Jax-based Redwire going public, merges with Genesis Park (Courtesy of the Jacksonville Business Journal) — Jacksonville-based Redwire, a space infrastructure technology and services company, announced Thursday it’s merging with Genesis Park Acquisition Corp. (NYSE: GNPK), a special-purpose acquisition corporation (SPAC) that will make Redwire a publicly traded company.
The transaction is expected to be completed by the end of the second quarter of 2021, according to a news release.
“We intended to find a profitable partner with strong management, powerful intellectual property and impressive organic growth,” said Paul Hobby, CEO of Genesis Park, in the release. “Redwire achieves that vision by transforming the future of space infrastructure and services at a time when the space industry is on the brink of exponential growth.”
The merger will provide Redwire with $170 million in capital, valuing the company at $615 million, according to the same release.
Redwire investors will own 55% of the newly combined company after the deal.
Redwire has acquired several companies itself, including in-space manufacturing company Made In Space, structures companies LoadPath and Roccor, engineering firm Oakman Aerospace and Deployable Space Systems, a developer of spacecraft structures and solar arrays.
The proposed transaction is supported by a $100 million of common stock, priced at $10 per share with participation by Senvest Management, LLC and Crescent Park Management, L.P., also according to the release.
Redwire stockholders, Genesis Park stockholders and private investors will hold shares in the combined company to be listed on the New York Stock Exchange.
SPACs, also known as blank-check companies, are publicly traded firms made specifically to find other companies and take them public. A SPAC speeds up the “going public” process by avoiding the need for underwriters.
Photo courtesy of NASA.
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