Space company Redwire resumes operations on NYSE after PSPC deal closes

Space company Redwire resumes operations on NYSE after PSPC deal closes

The new ISS Deployment Solar Array (iROSA) is deployed on the International Space Station, covering part of the main solar array.

NASA Johnson Space Center

Space infrastructure group Redwire began trading on the New York Stock Exchange on Friday, joining a wave of space company SPAC mergers to close and go public.

Peter Canito, President and CEO of Redwire, told CNBC: “We are really trying to get the bigger PSPC noise message that we are a positive income, positive cash flow, very financially conservative company. and fast growing. Huh. “

Redwire, formed last year by private equity firm AE Industrial Partners, merged with special purpose acquisition firm Genesis Park, and now trades under the symbol “RDW”.

Redwire shares have gained up to 20% in trading from their previous close of $ 10.50.

Redwire is the sixth space company this year to complete and release the SPAC deal after AST & Science, Astra, Spire Global, Momentus and Rocket Lab. Several other space companies are expected to go public before the end of the year, with deals made by BlackSky, Satellite and Planet.

Canito pointed out that a merger with PSPC was “a convenient mechanism for Redwire to go public,” with the benefit of adding $ 170 million in cash to the deal. The merger was valued at $ 675 million in Radwire’s equity.

Radwire, which has spent much of the past 12 months acquiring and integrating seven space companies into one, is looking to use that money to pursue “constructive mergers and acquisitions” as well as to make “some internal investments” in the pipeline. road. has a plan, Canito said.

“We have a very exciting pipeline of opportunities that we are looking at right now,” Canito said.

He also pointed out that Redwire is “ideally positioned from an investment standpoint” because it is pure space action that generates over $ 100 million in revenue and positive cash flow per year. Canito called the ARKX Space ETF, created by Kathy Woods Ark Invest, to debut without several “options that could have gone into it.”

“We are giving investors the opportunity… to invest in the future of the space with a company that has a conservative financial position and therefore has the power to stay there for the long haul,” Canito said.

Industry-wide partnerships and agreements

Redwire COO Andrew Rush shows former NASA administrator Jim Bridenstine a model of the Assistant Made in Space spacecraft.

redwire space

Redwire’s vision is to provide “people living and working in space” with the tools and manufacturing necessary to keep the economy in orbit and beyond, Canito said.

Radwire has five strategic focus areas: Space Commercialization, Digitally Designed Spacecraft, In-Orbit Services and Manufacturing, Advanced Sensors and Components, and Space Domain Knowledge.

The company has taken several steps since announcing its intention to merge and go public.

The company’s iROSA solar panels were delivered by SpaceX to the International Space Station. In addition, Radwire sent a new 3D printer into space to demonstrate manufacturing with lunar surface materials, won a Virgin Orbit contract to provide digital engineering solutions, an agreement with Sierra Space for space services signed and announced Firefly Aerospace as the lunar lander. Mission partner.

Overall, Redwire provides hardware and services for space infrastructure, which it says currently represents a $ 15 billion market.

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