Redwire, a space technology company, announced on September 2 that it had completed its merger with the special-purpose acquisition company (SPAC), bringing it public and offering it an investment for future acquisitions. The Genesis Park Acquisition Corporation shareholders voted on September 1 to endorse the merger with the Redwire, with 97 percent of votes cast in favour of the deal, representing 73 percent of outstanding shares. This vote was the last step in finalizing the deal, which was officially closed on September 2.

The merger transforms Redwire into a publicly listed corporation with the pro forma enterprise value of $620 million, which will begin trading on New York Stock Exchange on September 3 under ticker symbol RDW. Redwire’s chairman and chief executive, Peter Cannito, said in a statement, “This is an exciting day for our team.” “With our increasing portfolio of the breakout space infrastructure solutions, we are going to be in an even stronger position to provide value to our clients’ missions, aid shape commercialization of new space economy, and, finally, accelerate expansion of humanity into space as a public firm in the second golden age of the space.”

In a statement, Paul Hobby, CEO of Genesis Park, the investment firm that founded Genesis Park Acquisition Corporation, said, “We believe the firm is well-placed as an industry leader with abundant possibilities to drive value for shareholders.”

The SPAC deal was announced in March, with the companies claiming that it would offer Redwire about $170 million in the capital. The amount of capital Redwire was going to receive was not disclosed, as it would be contingent on the number of the Genesis Park shares which shareholders chose to redeem instead of keep in the merged firm.

AE Industrial Partners, a private equity firm, founded Redwire in 2020 June by combining the two space technology firms it had acquired, Deep Space Systems and Adcole Space. LoadPath and Roccor, Oakman Aerospace, Made In Space, as well as Deployable Space Systems, which is a developer of spacecraft systems and solar arrays, are among the companies Redwire has acquired since then.

These diverse capabilities will be put to use in numerous strategic focus areas identified by the company, including on-orbit servicing and production, digitally engineering spacecraft, and also space domain resiliency and awareness.

The company stated at the merger period that the proceeds would be used as “dry powder” for future acquisitions. With an income of about $119 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of about $13 million in the year 2020, Redwire stated it was already profitable. By 2025, the firm expects to generate $1.4 billion in revenue and $250 million in adjusted EBITDA. In a presentation to analysts on July 9, Cannito said, “We certainly have several prospects that we are looking at” for future purchases that Redwire is considering. He wouldn’t name any specific projects but said the corporation took a “strategic hold” in acquisitions while finalized the SPAC deal.

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