Business

May 28, 2014

CFIUS approval clears XCOR Aerospace’s first close of series B financing

xcor-financing
MOJAVE, Calif. -XCOR Aerospace announced May 27 that the U.S. Treasury Department’s Committee on Foreign Investment in the United States has approved the Series B lead investment by Dutch investors.

The first closing of XCOR’s new round of finance issued $14.2 million of Series B preferred shares. XCOR will use the funds to bring the XCORÆ LynxÆ suborbital spaceplane to market.

The Series B financing was led by Space Expedition Corporation of The Netherlands. Michiel Mol and Mark Hoogendoorn of SXC will join the current five members on the XCOR Board of Directors. The first round also included many existing and new investors including: board member Esther Dyson, Pete Ricketts (co-owner of the Chicago Cubs), and a number of Silicon Valley entrepreneurs and early-stage investors. A smaller second closing is scheduled over the summer.

The SXC investment in XCOR signals a strong commitment to the commercial space industry by the Dutch entity, which is also XCOR’s lead wet-lease customer and general sales agent. †Michiel Mol said, “With this investment in XCOR, we’re closing ranks with our most strategic partner. We will take the next step together toward our first commercial spaceflight. I’m proud to become a part of this fantastically dedicated team of ‘future makers’ and game changers.”

Mark Hoogendoorn noted, “Investing in XCOR is much more than investing in innovative technology and a team of highly skilled engineers. Most of all, it’s investing in a long term vision we strongly believe in that will enable a new era of sustainable and regular space access that will positively impact all mankind.”

Jeff Greason, Founder and CEO of XCOR, said, “We are very pleased to have this first closing of the Series B and welcome Michiel and Mark to the Board. This investment will allow us to accelerate and run in parallel several final developments in the critical path to first flight.”

“This first closing of the Series B is a signal to the market that XCOR is moving ahead with its plans for commercial service and that we are nearer to that goal,” said Andrew Nelson, Chief Operating Officer of XCOR. “The Series B will remain open for a limited time as we complete discussions with a few more potential investors.”

Although SXC acquired a minority position without control provisions in XCOR, the company took the cautious route of submitting the investment to CFIUS for review prior to an official public announcement. CFIUS agreed that no control provisions exist and that the investment is not a so-called “covered transaction.”




All of this week's top headlines to your email every Friday.


 
 

 

Headlines December 19, 2014

News: SpaceX’s attempt to land rocket on floating barge postponed - It’s set to be one of the most groundbreaking moments in humanity’s six decades of space exploration. Obama signs $1.1 trillion spending bill into law - President Obama signed the $1.1 trillion federal spending measure into law Dec. 16, officially ending any threat of a government...
 
 

News Briefs December 19, 2014

Trial set for ex-Navy engineer in military secrets case A former Navy civilian engineer is scheduled to stand trial next summer on charges of trying to steal aircraft carrier schematics. Media outlets report that 35-year-old Mostafa Awwad of Yorktown, Va., pleaded not guilty Dec. 17 to two counts of attempted exportation of defense articles and...
 
 
Army photograph by C. Todd Lopez

Army to launch cruise missile-detecting aerostat at Aberdeen Proving Ground

Army photograph by C. Todd Lopez The Army plans to launch an aerostat, part of the “Joint Land Attack Cruise Missile Defense Elevated Netted Sensor,” in late December 2014. The JLENS aerostat will be tethered to the...
 

 
Air Force photograph by SrA. Jordan Castelan

AF delivers Iraqi F-16s for training in US

Air Force photograph by SrA. Jordan Castelan Iraqi air force captain Hama conducts preflight inspections while inside a new to service Iraqi F-16 Fighting Falcon Dec. 17, 2014, located at the nearby Tucson International Airport...
 
 
Air Force photograph by SSgt. Derek VanHorn

Short-notice: A new way to exercise

Air Force photograph by SSgt. Derek VanHorn Airmen from Kadena Air Base, Japan, prepare for an aeromedical evacuation exercise on a KC-135 Stratotanker Dec. 5, 2014, at Misawa Air Base, Japan. The operation was executed in supp...
 
 
Lockheed Martin photograph by Andy Wolfe

Japan, Australia to provide F-35 maintenance sites in Pacific region

Lockheed Martin photograph by Andy Wolfe An F-35C Lightning II joint strike fighter carrier variant prepares to launch from the aircraft carrier USS Nimitz in the Pacific Ocean, Nov. 6, 2014. Japan and Australia will be sharing...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>