Satellite business D-Orbit has terminated plans to merge with a US-based special purpose acquisition company (SPAC) in the form of Breeze Holdings. The pair say the decision was reached mutually.

“Since this agreement was first announced in January, financial markets have changed substantially, and it is clear that the merger agreement is no longer viable for either of the parties,” said James Bruegger, chief investment officer of investment management arm Seraphim Space Manager. “Nevertheless, this does not change our outlook for D-Orbit, and we remain confident about the future of the company.”

D-Orbit claims to be the world’s first space logistics company. Founded in 2011 the business is now operating out of Como, Italy. Its primary backer is Seraphim Space Investment Trust. It also holds space debris clearing contracts from the European Space Agency.

D-Orbit already has two satellite missions in orbit (Infinite Blue, an Ion Satellite Carrier) and launched back in May as part of SpaceX’s Transporter 5 mission of smallish satellites.

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Tags: European Space Agency, Space