Space-focused SPAC goes public after pricing $200 million IPO

TAMPA, Fla. — A shell company chaired by venture capitalist Raphael Roettgen began trading on the Nasdaq stock exchange Jan. 28 after raising $200 million to pursue a merger with a space-related business.

Space Asset Acquisition Corp., a special purpose acquisition company (SPAC) that offers a fast-track to the public markets for firms seeking capital, priced its initial public offering at $10 per unit. Each unit includes a share and a third of a warrant that can be converted into a share at $11.50. The units trade under the ticker symbol SAAQU.

“While the company may pursue an initial business combination in any industry, sector or geographic region, it intends to target opportunities and companies that are in the global space economy, including businesses in the technology and defense sectors,” the Princeton, New Jersey-based SPAC said in a Jan. 27 news release.

Space Asset Acquisition Corp. is backed by a sponsor entity controlled by members of its management team and by financial services firm BTIG, which served as underwriter for the offering.

Roettgen is the founding partner of U.S.-based E2MC (Earth-to-Mars Capital), which lists companies ranging from SpaceX to in-space manufacturing startup Space Forge among more than 30 investments across eight countries.

Peter Ort, a general partner at advanced computing-focused venture capital firm Cambium Capital Management, serves as the SPAC’s principal executive officer. Chief financial officer Jeff Tuder founded Tremson Capital Management, which specializes in investing in undervalued public equities.

The board members have been involved with multiple other blank-check companies with various outcomes, including firms whose mergers were completed, terminated or remain in progress.

Roettgen had earlier served as co-CEO of Space Acquisition Corp. I, which outlined plans in 2021 to raise $300 million to merge with a space company, but withdrew a year later as appetite for SPACs cooled and many newly public space companies struggled to meet financial projections.

However, signs of renewed SPAC activity have emerged in recent months, including launch vehicle developer iRocket’s agreement in July to merge with BPGC Acquisition Corp., a blank-check company backed by former U.S. Commerce Secretary Wilbur Ross.

Space Asset Acquisition Corp.’s shares closed up 2.2% to $10.22 after their first day of trading.