News 
Market Data 
Discover
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
This sucks>>Was hoping SPDV would become a big board stock some day>>Oh well!>>
SpaceDev Signs Agreement to Be Acquired by Sierra Nevada Corporation
POWAY, CA -- (Marketwire) -- 10/20/08 -- SpaceDev, Inc. (OTCBB: SPDV) announced today that it has signed an agreement to be acquired by privately-held Sierra Nevada Corporation (SNC). Under the agreement, SNC would acquire for cash the outstanding equity of SpaceDev for the gross purchase price of $38 million, which after certain deductions is expected to result in a net price to holders of SpaceDev common stock between $0.68 and $0.72 per share. The expected price represents a premium of between 42% and 50% over the average closing price of SpaceDev's common stock over the 30 trading days preceding this announcement.
The transaction, which is subject to certain conditions, including stockholder approval, has been approved by SpaceDev's Board of Directors and will be presented to SpaceDev's stockholders for a vote which is expected to occur in December. Stockholder approval will be solicited by SpaceDev by means of a proxy statement, which will be mailed to SpaceDev's stockholders upon completion of the required Securities and Exchange Commission filing and review process. Certain of SpaceDev's officers and principal security holders, who collectively beneficially own approximately 37 percent of SpaceDev's common stock (including shares issuable upon conversion of preferred stock and exercise of options and warrants held by them), have agreed to vote in favor of the merger at the SpaceDev stockholder meeting and have granted proxies to SNC for that purpose.
"The acquisition of SpaceDev, which has a tremendous space heritage with products that have flown on 250 spacecraft, represents a dynamic expansion of SNC's space technology capabilities, proven system integration, communications, networking and intelligence capabilities in the space sector," said Fatih Ozmen, Chief Executive Officer of SNC. "We believe that combining SpaceDev's unique technological offerings, manufacturing capabilities and talented team with our existing space business and technology base will allow us to significantly increase our capacity and scalability while better serving our customers and making us a leader in space technology with access to a much wider customer and technology base."
SNC expects to form an integrated space technologies unit with this SpaceDev acquisition, SNC's subsidiary, MicroSat Systems, and the other SNC space operations and capabilities that will provide advanced satellite systems, propulsion systems, space vehicle systems and a wide array of subsystems and components to defense, civil government, and corporate customers.
"This is an exciting and positive step for us and our shareholders," said Mark N. Sirangelo, Chairman and Chief Executive Officer of SpaceDev.
"There are significant synergies between SNC and SpaceDev and we believe that our combined space products will be well received by the emerging space markets. We expect our employees and customers to greatly benefit in the future from this acquisition. My team and I look forward to working with the outstanding management and staff of SNC."
Cowen and Company acted as the exclusive financial advisor to SpaceDev for this transaction. Heller Ehrman LLP and Stradling Yocca Carlson & Rauthand acted as legal advisors to SpaceDev, while Holland & Hart LLP acted as legal advisor to SNC.
Information on oil Click here: #board-6609
fact that branson teamin up with SPDV.$$$$ HUGE imo..could it be he buys SPDV out in the future?) Peanuts for him so why not imo. I know with the Ansari X prize branson and virgin definitely seen spdvs potential competing against each other. Could finally be time for fruition to many dollars specially considering the $ over there. Ive waitin years and always believed in SPDV and their technology and potential. Lets see if this news opens the door for some big things in spdvs near future.))DF
"Luck is a matter of preparation meeting opportunity."
My Ihub board link:
#board-5966
SpaceDev ORS Satellite Program a Success
Company Delivers on Contract Despite Launch Vehicle Anomaly
SpaceDev Trailblazer Satellite mounted for launch
SpaceDev
POWAY, CA--(Marketwire - August 4, 2008) - SpaceDev, Inc. (OTCBB: SPDV) would like to express its continued support and commitment to SpaceX and the Falcon 1 Launch Vehicle Program, despite its recent launch failure. The Falcon 1 Flight 3 vehicle carried the SpaceDev Trailblazer satellite, which SpaceDev had delivered under contract to the Department of Defense Operationally Responsive Space (ORS) office.
In spite of the SpaceX launch vehicle anomaly, the program was deemed a very positive step in SpaceDev's history and a successful development in the rapid build and delivery of small satellites. The mission, called JumpStart, was provided for and funded by the ORS office of the Air Force Research Laboratory at Kirtland Air Force Base in New Mexico. It was the inaugural mission of the ORS office and was a multi-pronged effort to learn the process changes necessary to rapidly procure, build and integrate a responsive payload. SpaceDev delivered the spacecraft on-schedule and on-budget and met all the criteria set out by ORS. During the ORS down select, where SpaceDev's Trailblazer satellite was chosen for the flight, SpaceDev fully demonstrated its approach to modular responsive satellites. SpaceDev completed all contracted work by delivering the satellite to ORS and was fully paid for the delivery, so it incurs no financial risk as a result of the launch failure.
"We wish to express our sincere appreciation to the ORS office for selecting and supporting our Trailblazer as ORS's first satellite, and to the Missile Defense Agency for its role in the development of the initial prototype program which lead to Trailblazer," said Mark N. Sirangelo, Chairman and Chief Executive Officer of SpaceDev. "With the delivery of the Trailblazer, SpaceDev has ushered in a new standard for low-cost satellites. The space business is one of great challenges, which are met by people taking great risks. While the Falcon 1 Flight 3 launch was not a success, it does not diminish the hard work and efforts of the dedicated teams that, combined with the strong government support provided by the ORS office, enabled us to accomplish the unprecedented in-space history accomplishment of delivering a fully functional satellite within six months from ORS' authorization to proceed. Our satellite systems represent an excellent value and balance risk, cost, schedule and performance, so we look forward to a long and successful relationship with the ORS office, the Department of Defense, and SpaceX."
Additional information regarding the launch can be found at www.spacex.com.
About SpaceDev
SpaceDev, Inc. is a space technology/aerospace company that creates and sells affordable and innovative space products and mission solutions. For more information, visit www.spacedev.com.
Except for factual statements made herein, this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words such as "believe," "intends," "expects," "plans," "anticipates" and variations thereof, identify forward-looking statements, although their absence does not mean that a statement is not forward looking. Forward-looking statements are based on the Company's current expectations, and are not guarantees of performance. The Company's actual results could differ materially from its current expectations. Factors that could contribute to such differences include risks and uncertainties associated with the Company's ability to effectively manage schedule changes or cancellation of customer orders, control costs and expenses, and obtain additional financing, if needed. Reference is also made to other factors described in the Company's periodic reports filed with the SEC, including the Company's most current Annual Report on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB. These forward-looking statements speak only as of the date of this release. SpaceDev does not intend to update these forward-looking statements.
SPDV CHART
http://www.ddmachine.com
|
Followers
|
13
|
Posters
|
|
|
Posts (Today)
|
0
|
Posts (Total)
|
576
|
|
Created
|
12/19/03
|
Type
|
Free
|
| Moderators | |||
JOIN THE EMAIL LIST TODAY!
