New SPAC: Mission Control Acquisition Corp. Files for $100M IPO
Mission Control Acquisition Corp. (NYSE: MISN) submitted its S-1 filing for a $100 million IPO yesterday afternoon, becoming the second SPAC to file in August and the 19th overall to file in 2023, thus far.
The new company intends to acquire a business in the aerospace and defense services industry that contributes to the global space economy.
Mission Control’s team believes that the global space economy holds substantial market opportunities, particularly concerning the advancement and utilization of space technology. This encompasses various aspects including the manufacturing, launch, and operation of satellites, spacecraft, and other space-related systems. It also includes activities such as space exploration, space tourism, and the development of space-based services and applications such as telecommunications, Earth observation, and navigation.
With EarlyBirdCapital Inc. as the left lead underwriter, Mission Control marks its only SPAC currently on file to IPO. But, Bowen Acquisition Corp.(NASDAQ:BOWN) recently priced its $60 million IPO with the underwriter in July. Exos Securities LLC, which hasn’t served as an underwriter for an IPO since 2021, will also be acting as the joint book runner for the offering.
While most SPACs we’re seeing currently have 12 months to complete a business combination, Mission Control has 18 months on its clock and the ability to extend up to six additional months. Its terms include 1/2 of a warrant, and no additional rights have been added at this time. The company has overfunded its trust to 101%, slightly below the median held in trust of 101.5%.
The space-focused company is led by CEO Kira Blackwell, a seasoned executive with over 25 years of experience in both the private and public sectors. Since September 2021, Ms. Blackwell has managed her own consulting business which focuses on helping innovative startups succeed. Previously, she served as an iTech Program Executive within the Space Technology Mission Directorate at NASA. In this role, she was responsible for creating and implementing NASA iTech, one of the most innovative programs within the federal government.
Ms. Blackwell is joined by CFO Jeffrey DeWit, bringing nearly three decades of experience. Mr. DeWit is currently a Senior Partner of Bellavita Partners LLC, a commercial real estate investment company, which he co-founded in December 2008. Prior to this, Mr. DeWit served as the CEO of Superfeed Technologies, Inc., which builds customized news and information feed-based applications for consumers and businesses. From 2018 to 2020, Mr. DeWit served as the CFO of NASA, where he worked to ensure the financial health of NASA by employing agency resources toward the achievement of the strategic plan by managing NASA’s more than $21 billion annual budget and fiscal operations.
Andrew Allen will serve as Mission Control’s COO. Since 2006, Mr. Allen has served as the CEO of Aerodyne Industries LLC, a service-disabled veteran-owned small business and award-winning engineering and IT solutions company. Additionally, since November 2022, Mr. Allen has served as VP of Jacobs Critical Mission Solutions at Jacobs Solutions Inc., where he represents the company in industry partnerships focused on NASA and space exploration and supports other strategic activities and business pursuits.
Given the experience, personal and professional networks, and resources of Mission Control’s management team, the company believes that it will be able to successfully identify and partner with a company that can meet the current demand in the industry.
SPAC TERMS