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 August 22, 2014

News: GAO: Pentagon violated law with Bergdahl swap - Congressional investigators say the Pentagon violated the law when it swapped five Taliban leaders for Army Sgt. Bowe Bergdahl, who was held prisoner in Afghanistan for five years.   Business: U.S. Air Force issues RFI for new rocket engine - The US Air Force is officially looking into...
 
 

News Briefs August 22, 2014

U.S. military deaths in Afghanistan at 2,200 As of Aug. 20, 2014, at least 2,200 members of the U.S. military had died in Afghanistan as a result of the U.S.-led invasion of Afghanistan in late 2001, according to an Associated Press count. At least 1,821 military service members have died in Afghanistan as a result...
 
 
navair-triton

MQ-4C Tritons to arrive at Pax River this fall

  MQ-4C Triton test air vehicles at Northrop Grumman’s facility in Palmdale, Calif., will fly cross-country to Naval Air Station Patuxent River, Md., this fall. The MQ-4C completed a test flight Aug. 19 with updated ...
 

 
Boeing photograph

Boeing program completes critical design, safety reviews

Boeing photograph Boeing recently completed the Phase Two Spacecraft Safety Review of its Crew Space Transportation-100 spacecraft and the Critical Design Review of its integrated systems, meeting all of the companyís Commerci...
 
 
global-hawk2

Air Combat Command loans Global Hawk to GVCTF

Air Force photograph by Jennifer Romo The 412th Test Wing’s Global Vigilance Combined Test Force received a Global Hawk Block 40 Aug. 6, on loan from Air Combat Command. Tail number 2035, from Grand Forks AFB, N.D., is jo...
 
 

NASA awards program analysis, Control Bridge III Contract

NASA has awarded the Program Analysis and Control III Bridge contract for support services to ASRC Research & Technology Solutions of Beltsville, Md. The cost-plus-fixed-fee, indefinite delivery/indefinite quantity basic contract has a minimum ordering value of $1 million and a maximum ordering value of $37 million, with a performance period beginning Aug. 30 through Feb....
 




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>