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 May 27, 2015

News: U.S. Air Force certifies SpaceX for military launches - SpaceX has been certified for military space launch, the U.S. Air Force announced May 26. The long-awaited announcement is a game changer, with SpaceX becoming only the second provider cleared by the service to launch national security payloads into orbit.   Business: Northrop Grumman CEO issues...
 
 

New’s Briefs May 27, 2015

U.S. military begins search flights for stranded Rohingya The United States has begun military surveillance flights to help locate stranded Rohingya and Bangladeshi boat people in Southeast Asian seas. State Department spokesman Jeff Rathke said May 26 that U.S. Navy P8 aircraft flew over the weekend with Malaysian support. Rathke said the U.S. has offered...
 
 
nasa-commercial-crew

Commercial Crew milestones met; partners on track for 2017 missions

NASA has taken another step toward returning America’s ability to launch crew missions to the International Space Station from the United States in 2017. The Commercial Crew Program ordered its first crew rotation mission fro...
 

 
af-spacex

Air Force certifies SpaceX for national security space missions

Lt. Gen. Samuel Greaves, commander of the Air Force Space and Missile Systems Center and Air Force program executive officer for space, has announced the certification of Space Exploration Technologies Corporation’s Falco...
 
 

Northrop Grumman passes key design review for B-2 weapons management upgrade

Northrop Grumman has successfully demonstrated to the U.S. Air Force that its plans to upgrade key weapons management software for the B-2 stealth bomber are on track and ready to proceed to the next level of development. The company successfully completed the critical design review of the service’s Flexible Strike Phase 1 program on Feb...
 
 
boeing-space

Boeing awarded first-ever commercial human spaceflight mission

NASA issued a task order as part of Boeing’s $4.2 billion Commercial Crew Transportation Capability contract recently to include the company’s first-ever service flight to the International Space Station. The award ...
 




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>