Space Trust's portfolio company pulls merger due to change of markets

First announced in January

The £249m Seraphim Space Trust announced on Monday (15 August) that its portfolio company, D-Orbit SpA, has agreed to terminate its merger with SPAC Breeze Holding Corp, as financial markets “have changed substantially”.

SSIT has a 9.7% holding in D-Orbit, which it values as £18.9m. This valuation, which was completed at the end of March, did not assume the merger would complete and so the trust said the failed merger will not have a "material impact on the implied value of its holding".   D-Orbit is a space logistics and orbital transportation company. Discount narrows on Murray International as it delivers positive returns James Bruegger, CIO of the company's investment manager, Seraphim Space Manager,said: "We first backed D-Orbit in 2019 due to its vision for creating the in-space logistics mar...