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The planned Orbex acquisition could potentially involve some of the more than 150 Orbex employees who are now or soon to be out of work.
Skyrora expressed interest in investing up to £10 million (€11.5 million) to acquire select Orbex assets, potentially including the Sutherland Spaceport in northern Scotland.
Orbex’s operational troubles have created opportunities for rival Scottish launch startup Skyrora.
Skyrora's potential acquisition of Orbex assets could include the Sutherland Spaceport on Scotland’s northern coast.
Skyrora expressed interest in investing up to £10 million (€11.5 million) to buy select Orbex assets.
Orbex experienced failed fundraising and M&A opportunities prior to appointing administrators.
Skyrora positioned the acquisition of select Orbex assets as a measure to preserve UK space capability and keep UK-developed technology and IP under UK ownership.
Orbex had debts reportedly as high as £49 million (€56.2 million).
Several merger and acquisition opportunities for Orbex were explored but did not result in a transaction.
Orbex's first test launches of its microlauncher Prime were scheduled to take place later in the year the announcement was made.
Orbex brought hundreds of skilled jobs to Scotland during its operations.
Orbex will continue trading while all options for the future of the company are explored, including potential sale of all or parts of its business or assets.
Prime is a low-carbon microlauncher developed by Orbex.
Skyrora is considering purchasing select Orbex assets and may invest up to 10 million pounds to acquire them.
Skyrora's potential investment to acquire select Orbex assets includes the Sutherland Spaceport and aims to keep the technology and intellectual property under U.K. ownership.
Orbex’s appointment of administrators follows fundraising and merger and acquisition opportunities.
Orbex sought funding from a variety of public and private investors during a Series D funding round that ultimately failed.
Orbex will appoint administrators after its fundraising and merger and acquisition opportunities concluded unsuccessfully.
Orbex is in the process of appointing administrators.
Orbex has commercial launch commitments from several satellite customers for the Prime microlauncher.