Karman Line Acquisition, a blank check company backed by Meteora Capital targeting aerospace and defense, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
Karman Line Acquisition is led by CEO and Director Richard Davis, the founder and Managing Member of ArgoSat. He is joined by CFO and Director Vikas Mittal, the Managing Member and Chief Investment Officer of Meteora Capital. The SPAC intends to target space based infrastructure, with a focus on the aerospace and defense sectors, including hardware manufacturers, software, analytics, and other space related services companies.
Meteora's previous SPAC, GSR II Meteora Acquisition, completed its merger with crypto ATM operator Bitcoin Depot (OTC: BTMWQ; -100%) in 2023.
The Boca Raton, FL-based company will trade on the Nasdaq under the symbol XTERU. Cohen & Company Securities and Clear Street acted as bookrunners on the deal.
