Bloomberg is reporting that Maritime Launch Service (MLS) is in talks to merge with Special Purpose Acquisition Company (SPAC) Ceres Acquisition Corp. with a combined valuation of US$530M.
Ceres which is based in Los Angeles went public in February 2020 raising US$120M and had planned on merging with cannabis producer Parallel before that deal was terminated. Ceres has been looking for a new acquisition since then. The company is listed on the Canadian NEO Exchange under the symbol CERE.U.
Apparently Bloomberg reporter Gillian Tan got wind of the deal through sources about a new private investment in public equity (PIPE) Ceres was circulating. According to Tan’s sources the combined value of the company would US$530M.
We had previously reported in November 2021 that MLS was going to do reverse takeover of Jaguar Financial Corporation. This new deal, if it was to progress to a conclusion would trump the Jaguar deal, though it’s likely shareholders of the Jaguar deal would benefit with the larger valuation.
So what to make of this news. SpaceQ spoke with MLS CEO Steve Matier on the matter. He declined to comment. If there were no truth the report, then Matier would surely have said so.
Ceres is asking its shareholders to extend the time they have to find an acquisition. According to Bloomberg the deadline is March 3. Ceres wants that deadline extended to June 30. Shareholders will vote on the matter Feb. 23.
If a Ceres MLS merger did go through it would immediately allow the company move to the next stage of its plan and begin construction on its Nova Scotia Spaceport. This combined with suppliers in Yuzhmash and Yuzhnoye in place to provide the Cyclone 4M rocket along with Nanoracks, a Voyager Space company, as the first customer signed up, a planned first launch in late 2023 might be possible.
SpaceQ tried to reach Ceres co-founder and Chief Executive Officer Joe Crouthers but we were unable to reach him.