Shareholders for a publicly graded special purpose acquisition company on Wednesday approved a merger with Redwire, clearing the way for the merger on Thursday and paving the way for the space company to go public on Friday.
Genesis Park Acquisition Corp. [GNPK] said Redwire’s common stock will begin trading on Friday on the New York Stock Exchange under the ticker symbol RDW.
The transaction values Redwire at an enterprise value of $620 million.
Redwire was formed in June 2020 by the private equity firm AE Industrial Partners through a series of acquisitions.
Redwire, based in Jacksonville, Fla., is expected to have about $163 million in sales this year and is forecasting $1.4 billion revenue in 2025 with all of the growth organic. The company is also forecasting operating earnings of $20 million this year and growing to $250 million in 2025.
“As a public company in this second golden age of space, we will be in an even better position to deliver value to our customers’ missions, help to shape the commercialization of the new space economy and, ultimately, accelerate humanity’s expansion into space with our growing portfolio of breakout space infrastructure solutions,” Peter Cannito, Redwire’s chairman and CEO, said in a statement.
As a public company in this second golden age of space, we will be in an even better position to deliver value to our customers’ missions, help to shape the commercialization of the new space economy and, ultimately, accelerate humanity’s expansion into space with our growing portfolio of breakout space infrastructure solutions.”
Redwire provides deployable solar arrays for the International Space Station, and also has capabilities for 3-D manufacturing in space, robotics, camera systems, guidance and navigation control systems, and components for a wide range of customers.