Redwire To Merge With Genesis Park Acquisition, Becomes Publicly Traded Company

(RTTNews) - Special purpose acquisition company Genesis Park Acquisition Corp. (GNPK) and space infrastructure company Redwire Space said on Thursday that they have signed a definitive merger agreement. As per the deal, Genesis Park Acquisition will change its name to Redwire and begin trading on the NYSE.

The transaction is expected to be completed by the end of the second quarter. As per the deal, Redwire is valued at a $615 million pro forma enterprise value. The deal is expected to benefit Redwire by around $170 million in cash, assuming no redemptions by Genesis Park stockholders.

The proposed transaction is funded by a $100 million oversubscribed PIPE of common stock, priced at $10 per share, in partnership with Senvest Management, LLC and Crescent Park Management, L.P.

After the new company is formed, Redwire's current stockholders will hold around 55 percent of the fully diluted shares of common stock. AE Industrial Partners will continue to remain an important shareholder in Redwire once the merger is complete.

Redwire will continue to be led by Chairman and CEO Peter Cannito, once the deal is completed.