SERAPHIM SPACE INVESTMENT TRUST PLC

("SSIT" or the "Company")

D-Orbit SPAC Announcement
 

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed fund focused on Space Tech, is announcing today that its portfolio company D-Orbit S.p.A. ("D-Orbit"), an Italy-based and market leading space logistics and transportation company will, subject to a number of outstanding conditions, become publicly listed through a business combination with Breeze Holdings Acquisition Corp. (NASDAQ: BREZ), a publicly traded special purpose acquisition company (the "Proposed Transaction").

Following the close of the Proposed Transaction, which is expected to occur in the second or third quarter of 2022, the combined entity would be listed on Nasdaq Capital Market under the ticker symbol "DOBT" and would imply a post money Enterprise Value of approximately $1.28 billion.

As previously announced, SSIT acquired its holding in D-Orbit in December 2021 from the Seraphim Space LP ("Seraphim Space Fund") at the 31 May 2021 valuation in line with the sale and purchase agreement signed at IPO. SSIT currently has a 9.3% fully diluted holding in D-Orbit.

There can be no certainty that the Proposed Transaction will occur and, if it does, regarding the price at which its shares will trade relative to the implied Enterprise Value. As such, SSIT does not anticipate that any change in NAV will be reflected in the Company's NAV as of 31 December 2021.

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented: "D-Orbit is greatly enhancing and accelerating our capabilities in space. Making Space more accessible but also more sustainable is critical to the future of both the Space sector and the wider world as we know it. D-Orbit has pioneered solutions to both these issues and is set to play a central role in enabling the trillion-dollar in-orbit space economy."

James Bruegger, CIO of the Company's investment manager, Seraphim Space (Manager) LLP, and a main board director of D-Orbit added: "We first backed D-Orbit in 2019 due to its vision for creating the in-space logistics market. Since then, it has established in-orbit 'last mile' delivery solutions for satellites, having now successfully delivered more than 70 payloads into orbit via its ION Satellite Carrier spacecraft- something very few other companies have matched. These same ION spacecraft are now also starting to form the basis of the space-based infrastructure that will be used to do everything from cleaning up orbital debris, servicing other satellites, to hosting space-based cloud computing. While there can be no certainty until the proposed transaction is completed, today's announcement is an important step in D-Orbit's quest to create sustainable space logistics infrastructure."

- Ends -

Media Enquiries

Seraphim Space (Manager) LLP (via SEC Newgate)
Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough         

SEC Newgate (Communications advisers)                                      [email protected]
Emma Kane / Clotilde Gros / Bob Huxford                                                         +44 (0) 3757 6767
 

Deutsche Bank 
Mark Hankinson / Neil Collingridge / Neil Coleman                                       +44 (0) 20 7545 8000
 

J.P. Morgan Cazenove
William Simmonds / Jérémie Birnbaum / Rupert Budge                                  +44 (0) 20 7742 4000
 

Ocorian Administration (UK) Limited                                              [email protected] 

Eimear Coleman / Peter Davidson                                                                         +44 28 9078 5880

Notes to Editors

About Seraphim Space Investment Trust

Seraphim Space Investment Trust plc is the world's first listed fund focused on Space Tech. The Company seeks exposure predominantly to early and growth stage private financed Space Tech businesses that have the potential to dominate globally and that are sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.

The Company listed on the Premium Segment of the London Stock Exchange on 14 July 2021, following an oversubscribed IPO raising £178.4m.  It has exposure to more than 20 Space Tech companies. As of 30 September 2021, the Company had net assets of £221m.

Seraphim Space Investment Trust plc is managed by Seraphim Space (Manager) LLP.

Further information is available at:  www.seraphim.vc

About D-Orbit

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 economy, D-Orbit is one of the first companies addressing the logistics needs of the space industry, including delivering an innovative space debris solution to market. ION Satellite Carrier, for example, is a space vehicle that can transport satellites in-orbit and release them individually into distinct orbital slots, significantly reducing the time from launch to operations and the launch costs of an entire satellite constellation. 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.

The Company successfully delivered more than 70 payloads into space while developing advanced products and services for the needs of tomorrow.

D-Orbit is a space logistics and transportation infrastructure pioneer with offices in Italy, Portugal, UK, and the US; its commitment to pursuing business models that are profitable, friendly for the environment, and socially beneficial, led to D-Orbit becoming the first certified B-Corp space company in the world.