Breeze Holdings Announces Quorum To Approve The Extension Amendment Proposal And Remains On The Path To Complete The Proposed Transaction With D-Orbit S.p.A.
Benzinga Newsdesk 4 years ago
M&ANews
Breeze Holdings Acquisition Corp. (NASDAQ:BREZ) ("Breeze Holdings"), a special purpose acquisition company, today announced that it has achieved a quorum for the upcoming Special Meeting of Stockholders
Breeze Holdings Acquisition Corp. (NASDAQ:BREZ) ("Breeze Holdings"), a special purpose acquisition company, today announced that it has achieved a quorum for the upcoming Special Meeting of Stockholders ("Special Meeting") to be held on May 5, 2022, at 10:00 a.m. Eastern Time, at which shareholders are voting on a proposal to extend the date by which Breeze Holdings must consummate a business combination to September 26, 2022. Breeze Holdings encourages ALL stockholders to vote "FOR" the proposed extension to ensure it has the necessary flexibility to complete the proposed transaction with D-Orbit S.p.A. ("D-Orbit"), a market leading space logistics and orbital transportation company.
Breeze Holdings stockholders who have submitted proxies to date on the proposals included in the Breeze Holdings proxy statement for the Special Meeting have overwhelmingly voted in support of the extension to be voted on at the Special Meeting. Accordingly, it is anticipated that the extension will be approved. However, stockholders may change or revoke their proxies before or at the Special Meeting.
"Through our transaction with D-Orbit, we believe Breeze Holdings stockholders have a very attractive access point to investing in the sustainable infrastructure that will drive the new-space economy," said J. Douglas Ramsey, Ph.D., Chairman and CEO of Breeze Holdings. "Since we announced our transaction in January, D-Orbit has completed multiple missions and signed exciting contracts with blue-chip customers and partners. In doing so, it is demonstrating the strength of its ION technology and a record of execution that gives us confidence in its ability to capture the high-growth, high-margin opportunities as it continues to build out its unique capabilities and services."
Dr. Ramsey continued, "We are on track to close the transaction in the third quarter and are pleased with the strong support we have received from investors throughout this process. We encourage all Breeze stockholders to vote FOR the proposals at the Special Meeting and participate in D-Orbit's significant upside potential."
Upon closing of the business combination, D-Orbit S.A., a newly formed joint stock company (société anonyme) governed by the laws of the Grand Duchy of Luxembourg ("Holdco"), will become the parent company of both D-Orbit and Breeze Holdings and will issue ordinary shares to the stockholders of D-Orbit and Breeze Holdings. Upon closing, Holdco's common stock is expected to trade on the Nasdaq Capital Market under the ticker symbol "DOBT."
Breeze Holdings stockholders needing further assistance in voting their Breeze Holdings shares can contact D.F. King & Co. by email at BREZ@dfking.com.
About D-Orbit and Its Proposed Business Combination with Breeze Holdings
D-Orbit is a market leader in the space logistics and transportation services industry with a track record of space-proven 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. 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.
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.
As previously announced on January 27, 2022, D-Orbit has entered into a business combination agreement among Breeze Holdings Acquisition Corp. ("Breeze Holdings") (NASDAQ:BREZ), a publicly traded special purpose acquisition company, D-Orbit and a newly formed joint stock company (société anonyme) governed by the laws of the Grand Duchy of Luxembourg ("Holdco") pursuant to which Holdco will become the publicly traded parent company of Breeze Holdings and D-Orbit upon the closing of the transactions. The transaction is expected to close in the third quarter of 2022, subject to the satisfaction of customary closing conditions, including certain governmental approvals and the approval of the stockholders of Breeze Holdings and the contribution of the D-Orbit shares by the D-Orbit stockholders.