Listing of Italy’s space propulsion company Avio on the Italian Stock Exchange is approaching as the business combination with the Spac (Special purpose acquisition company) Space 2 has been voted by a 70% of Space 2’s shareholders last December and noone among the shareholders who didn’t partecipate the December meeting had exercised their right of withdrawal (see here the press release).
Space 2, promoted (through Space Holding) by Sergio Erede, Gianni Mion, Roberto Italia, Carlo Pagliani and Edoardo Subert, had raised 308 million euros from investors and is now investing in Avio just a half of its capital. So the remaining liquidity will be brought to a new Spac, named Space 3, which is to be spun off from Space 2.
Space 2’s shareholders will receive one Space 3 ordinary (or special) share every 2 Space 2 ordinary (or special) shares and the same exchange rate has been fixed as for warrants and sponsor warrants. Liquidity that will be spun off and brought to Space 3 will be 152.85 million euros.