Stratospheric balloon company World View is canceling its plans to go public via SPAC, the company announced last week.
World View and Leo Holdings Corp. II announced their intent to merge in January. However, the two companies mutually decided to not go through with the merger “given challenging market conditions,” according to a press release.
World View 101: The company, which was founded in 2012, uses stratospheric balloons for a range of missions from comms to remote sensing. The startup, which has completed 115+ stratospheric flight operations according to its website, also has future plans to use balloons for a five to eight hour experience for tourists who want to catch a glimpse from the edge of space.
The SPAC effect: A number of space companies went public during the SPAC frenzy that reached its peak in 2021, but the move ended poorly for many of them. Virgin Orbit filed for bankruptcy in April, while other SPAC companies, such as Astra, are quickly reaching the end of their cash runway.
What’s next: Without the planned merger, Leo Holdings Corp. II will not be able to launch an initial business in time and will dissolve, the statement said.
