CEA Space Partners I, a special purpose acquisition company led by satellite industry veteran Edward Horowitz, plans to launch an initial public offering to raise $250 million in funds.
The Tampa, Florida-based company intends to offer 25 million units consisting of a share of Class A common stock and a third of one redeemable warrant at a price of $10 per unit with plans to have them listed on the New York Stock Exchange under the ticker symbol “CEAS.U,“ according to a Securities and Exchange Commission filing.
The offering includes a 45-day option for underwriters to buy up to 3,750,000 additional units.
SpaceNews reported investment bank CEA Group and private equity firm Navigation Capital have expressed their intent to provide CEA Space with capital and additional resources to back a potential acquisition. To date, the SPAC has not yet selected any company to acquire or merge with.
A SPAC, also known as a “blank check“ company, raises funds through an IPO with the purpose of buying a private entity that becomes public following an acquisition or merger deal.
“While we may pursue an acquisition opportunity in any industry or sector, we intend to focus our search on companies within the space economy and adjacent verticals with enterprise values of at least $1 billion. This may include but are not limited to satellite equipment and components, satellite communications services, earth observation technology, satellite launch technology, data collection tools and analytics, space logistics, robotics, and related services,“ CEA Space said in the SEC filing.
Horowitz is co-chairman and CEO of CEA Space and a board member of the First Responder Network Authority. He previously served as president and CEO of SES North America.