IRVING,
Texas and FINO MORNASCO, Italy, Aug. 12,
2022 /PRNewswire/ -- Breeze Holdings Acquisition
Corp. (NASDAQ: BREZ) ("Breeze Holdings"), a publicly traded special
purpose acquisition company, and D-Orbit S.p.A. ("D-Orbit" or the
"Company"), a market leading space logistics and transportation
company, today announced that the companies have mutually agreed to
terminate their previously announced merger agreement
("Agreement"), effective immediately.
"Since the outset of our discussions with D-Orbit over a year
ago, we have continued to believe in the Company's unique value
proposition and the innovation inherent in their solutions," said
J. Douglas Ramsey, Ph.D., Chairman
and CEO of Breeze Holdings. "However, the financial markets have
changed substantially, and we believe that terminating our merger
is in the best interest of both D-Orbit and Breeze shareholders. On
behalf of Breeze, we wish Luca and the D-Orbit team the best of
luck and look forward to cheering on their continued successes. As
we look ahead, we remain focused on identifying another value
creating opportunity for Breeze shareholders."
"Despite market conditions that were beyond our control and the
subsequent need to terminate our agreement with Breeze, we remain
incredibly confident about D-Orbit's business and continued
growth," said Luca Rossettini,
Ph.D., Chief Executive Officer of D-Orbit. "With our unrivaled ION
Satellite Carrier as a foundation and the diversified revenue
streams our main line of business already generates, we are setting
D-Orbit apart as the global leader in the orbital transportation
market. Just this year alone, we have completed more missions than
any of our peers, expanded and diversified our customer base across
four continents with even more blue-chip companies looking to use
our services, secured 11 additional slots with SpaceX and other
global launch providers for 2023 and continued to build out the
next phase of our In-Orbit Servicing technology, which is also
generating revenues from early adopters within institutional and
commercial space operators. In addition, we have successfully
proven our space cloud infrastructure with almost a dozen
third-party applications run on our D-Orbit Cloud Nodes currently
in orbit. As we chart our next phase of growth, D-Orbit is moving
full speed ahead to achieve our mission of enabling expansion in
space and fueling the new space economy."
Since announcing the intention to merge with Breeze in January,
D-Orbit has steadily moved along its roadmap and launched an
additional three ION Satellite Carrier (ION) missions – six
currently in orbit and three scheduled for the remainder of
2022; delivered more than 80 customer payloads into
orbit in total; announced several new signed customer contracts
among D-Orbit's outstanding customer base, including 30% of
existing satellite operators; made progress expanding payload
integration and incoming ION assembly in the U.S.; secured
eleven ports for launch on SpaceX and on other launchers in
2023; and continued innovating on its suite of in-orbit
solutions, including the deployment of D-Orbit Space Cloud and
buildout of its In-Orbit Servicing capabilities, positioning the
Company to capture long-term growth opportunities.
Details of the termination of the Agreement will be provided in
a Current Report on Form 8-K to be filed by Breeze Holdings with
the U.S. Securities and Exchange Commission and available at
www.sec.gov.
About D-Orbit
D-Orbit is a market leader in the space logistics and
transportation services industry with a track record of
space-proven services, technologies and successful missions.
Founded in 2011, before the dawn of the New Space market,
D-Orbit is the first company addressing the logistics needs of the
space market. The first line of business ION Satellite Carrier, for
example, is a space vehicle that can transport satellites in orbit
and release them individually into distinct orbital slots, reducing
the time from launch to operations by up to 85% and the launch
costs of an entire satellite constellation by up to 40%. ION can
also accommodate multiple third-party payloads like innovative
technologies developed by startups, experiments from research
entities, and instruments from traditional space companies
requiring a test in orbit and offer the fully redundant ION for
rent, or edge computing and space cloud services, to those
satellite operators in need of additional capacity and capabilities
in orbit. In addition, D-Orbit is investing in becoming a leader in
the new in-orbit servicing market, which is considered to be one of
the largest, growing markets within the space sector and is already
demonstrating significant traction.
D-Orbit is a space infrastructure pioneer with offices in
Italy, Portugal, the UK, and the US; its commitment
to pursuing business models that are profitable, friendly for the
environment, and socially beneficial, led to D-Orbit S.p.A.
becoming the first certified B-Corp space company in the world.
About Breeze Holdings Acquisition
Corp.
Breeze Holdings is a blank check company organized for the
purpose of effecting a merger, share exchange, asset acquisition,
stock purchase, recapitalization, reorganization, or other similar
business combination with one or more businesses or entities.
Cautionary Note Regarding
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements can be identified by the
use of forward-looking terminology, including the words "believes,"
"estimates," "anticipates," "expects," "intends," "plans," "may,"
"will," "potential," "projects," "predicts," "continue," or
"should," or, in each case, their negative or other variations or
comparable terminology. There can be no assurance that actual
results will not materially differ from expectations. Such
statements include, but are not limited to, any statements relating
to our ability to consummate any acquisition or other business
combination and any other statements that are not statements of
current or historical facts. These statements are based on
management's current expectations, but actual results may differ
materially due to various factors, including, but not limited to:
(i) our ability to complete any initial business combination; (ii)
our success in retaining or recruiting, or changes required in, our
officers, key employees or directors following our initial business
combination; (iii) our officers and directors allocating their time
to other businesses and potentially having conflicts of interest
with our business or in approving our initial business combination;
(iv) our potential ability to obtain additional financing to
complete our initial business combination; (v) our pool of
prospective target businesses; (vi) the ability of our officers and
directors to generate a number of potential investment
opportunities; (vii) our public securities' potential liquidity and
trading; (viii) the lack of a market for our securities; (ix) the
use of proceeds not held in the trust account or available to us
from interest income on the trust account balance; (x) the trust
account not being subject to claims of third parties; (xi) or our
financial performance following our initial public offering. The
forward-looking statements contained in this press release are also
subject to additional risks, uncertainties, and factors, including
those described in Breeze Holdings' most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q and other documents
filed or to be filed with the SEC by Breeze Holdings or Holdco from
time to time. The forward-looking statements included in this press
release are made only as of the date hereof.
Contacts
Patrizia Tammaro Silva - Investor
Relations
patrizia.tammaro@dorbit.space
+39 335 7959 913
Caterina Cazzola – Head of
Communications
caterina.cazzola@dorbit.space
+39 340 2840 792
Aaron Palash / Jack Kelleher
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
Follow D-Orbit on:
LinkedIn: www.linkedin.com/company/d-orbit
Facebook: facebook.com/deorbitaldevices/
Twitter: twitter.com/D_Orbit
Instagram: instagram.com/wearedorbit/
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SOURCE Breeze Holdings Acquisition Corp.