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SpaceDev Closes $5.2-M Financing |
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POWAY, CA, Jan. 19, 2006/Satnews Daily/ — SpaceDev (OTCBB: SPDV) has raised approximately $5.2 million through the sale of convertible preferred stock and warrants to a small syndicate of new and existing institutional investors.
The company said proceeds of this financing will be used to pay expenses incurred with SpaceDev’s acquisition of Starsys Research Corp. and to fund the working capital needs of the combined company.
On October 26, 2005, SpaceDev signed a merger agreement with Starky, acquiring Starsys as its wholly owned subsidiary. Both companies have scheduled a meeting of its shareholders on January 30, 2006, and are currently soliciting proxies to vote for approval of the transaction.
SpaceDev said the transaction is subject to a number of other conditions, but if approved by shareholders, each company expects the transaction to be completed by early February 2006.
Mark Sirangelo, chief executive officer and vice-chairman of SpaceDev, said Starsys’ two decades of successful expertise in the development and manufacturing of various mechanical systems aboard spacecraft, combined with SpaceDev’s core competencies in space technology with a focus on microsatellites and hybrid rocket propulsion, make the combination particularly exciting.
“The acquisition reaffirms SpaceDev’s continued commitment to achieving rapid and profitable growth by providing unique and cost effective solutions to the space industry,” he said.
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