Shares of Holicity Inc. (HOL) are surging over 45% on Tuesday morning after the special purpose acquisition company announced a merger deal with rocket startup Astra.
HOL is currently trading at $15.20, up $4.83 or 46.58%, on the Nasdaq.
Astra, a startup that makes rockets to send satellites into orbit, announced it will go public through a merger deal with blank-check company Holicity. The combined company will have a valuation of $2.1 billion.
Upon closing, the transaction is expected to provide up to $500 million in cash proceeds, including up to $300 million of cash held in the trust account of Holicity and an upsized $200 million PIPE led by funds and accounts managed by BlackRock.
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