Space economy SPAC Space Acquisition I withdraws $300 million IPO

Space Acquisition I, a blank check company targeting the "space economy", withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $300 million by offering 30 million units at $10, with each unit containing one share of common stock and one-third of a warrant.

The company was set to be led by Co-CEO Raphael Roettgen, the founder and Managing Partner of space-focused venture capital firm E2MC, and Co-CEO and Director Kevin Schubert, the former SVP of Development and Strategy at Red Rock Resorts. The company had planned to target the "space economy," focusing on space sub-sectors such as launch vehicles, remote sensing, satellite communications, spacecraft and spacecraft components, global navigation, space tourism, and in-orbit services.

The Las Vegas, NV-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol OUTRU. Cantor Fitzgerald was set to be the sole bookrunner on the deal.