Astrum Space to go public via $1B merger with Black Spade SPAC

Astrum Space, a satellite launch company, announced Tuesday it has entered into a definitive agreement to merge with Black Spade Acquisition Co., a special purpose acquisition company (SPAC), in a deal that values the combined entity at approximately $1.05 billion. The transaction is expected to provide Astrum Space with approximately $357 million in gross proceeds, assuming no redemptions by Black Spade shareholders. The deal is subject to customary closing conditions, including approval by Black Spade shareholders and regulatory approvals. Upon closing, the combined company will be renamed Astrum Space and will remain listed on the New York Stock Exchange under a new ticker symbol. The merger is expected to close in the second half of 2024.