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IPO brings in $287.5M to spend on space ventures

A blank-check company that has former Blue Origin President Rob Meyerson as its CEO has completed a $287.5 million initial public offering, furthering its plans to link up with ventures focusing on space, cybersecurity and energy innovation.

C5 Acquisition Corp. closed the IPO with the sale of 28.75 million units at $10 per unit, which was 3.75 million units above the original allotment for sale. Those units are now listed as CXAC.U on the New York Stock Exchange, and common stock is expected to be listed as CXAC.

Blank-check companies — formally known as special-purpose acquisition companies, or SPACs — use their capital to pursue mergers or other types of business combinations with ventures in targeted industry segments.

The strategy typically accelerates the process of going public, and it’s been used with a growing number of space ventures, including Virgin Galactic, Virgin Orbit, Rocket Lab, BlackSky and Astra. Seattle-area telecom pioneer Craig McCaw played a key role in the SPAC deal involving Astra, which set that company’s value at $2.1 billion.

In a news release, C5 Acquisition Corp. said it would look for deals related to national security concerns.

By Alan Boyle

Mastermind of Cosmic Log, contributing editor at GeekWire, author of "The Case for Pluto: How a Little Planet Made a Big Difference," president of the Council for the Advancement of Science Writing. Check out "About Alan Boyle" for more fun facts.

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