Holicity, Inc. (HOL) Completes Astra Deal

Holicity, Inc. (NASDAQ:HOL) announced that it has completed its combination with space venture Astra and following a shareholder approval vote earlier today.

In a subsequent 8-K filing, Holicity noted that just 10,981 shares were redeemed in connection with the vote, removing a negligible sum from its $200 million trust. This good result was not a complete surprise as the SPAC traded above its trust value north of $11 throughout June 28, the day of its redemption deadline.

Astra shares and warrants are set to begin trading on the Nasdaq tomorrow, July 1, under the symbols “ASTR” and “ASTW”, respectively.

Holicity and Astra initially announced their $2.1 billion deal on February 2. Astra has developed a satellite-delivery rocket system that reached space successfully in December 2020 and aims to begin commercial launches in 2021.

On June 7, Astra announced it had acquired electric rocket engine-maker Apollo Fusion for in a $30 million in post-combination Astra shares and $20 million in cash, with earnouts worth up to $95 million. Astra is expected to use the the engines in its own rocket system to expand beyond low Earth orbit to medium Earth orbit and geosynchronous levels. The Apollo engines could even enable Astra to launch lunar orbit missions.

Astra is part of a string of deals by SPACs in space aiming to hit the de-SPAC finish line this summer. AST Spacemobile (NASDAWQ:ASTS)’s combination with New Providence was the first space venture to make it all the way to the public markets via a SPAC since Virgin Galactic (NYSE:SPCE) in 2019.

Waiting in the wings now are Osprey (NYSE:SFTW) looking to close its February deal with Black Sky, Vector (NASDAQ:VACQ)’s deal with Rocket Lab, as well as Stable Road (NASDAQ:SRAC)’s revised merger with  Momentus. Genesis Park (NYSE:GNPK) may also bring home its combination with Redwire before the summer is out.

ADVISORS

• BofA Securities acted as lead placement agent on the PIPE, financial advisor and capital markets advisor to Holicity.
• PJT Partners acted as sole financial advisor to Astra and also as a placement agent on the PIPE.
• Winston & Strawn LLP acted as legal advisor to Holicity. Ropes & Gray LLP acted as legal advisor to Astra