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September date set for Redwire merger | Jax Day by day Report | Jacksonville Daily Record

Genesis Park Acquisition Corp. established Sept. 1 as the date for its shareholders conference to vote on its merger with Jacksonville-based place technologies organization Redwire.

Houston-primarily based Genesis Park is a particular purpose acquisition company that agreed in March to merge with Redwire.

The merger, which must be accomplished shortly right after the shareholders meeting, will make Redwire Corp. a public business.

Immediately after reporting to start with-quarter earnings of $36 million, Genesis Park reported in a information release last 7 days it is self-assured Redwire will meet up with its projection of $163 million in income for all of 2021.

It explained Redwire has $280 million in buy backlog and $220 million in bids submitted that are awaiting a selection.

Duos Technologies impacted by COVID-19 delays

Although moving forward with strategies for a new Jacksonville headquarters, Duos Systems Group Inc.’s enterprise has been impacted by COVID-19 pandemic-associated delays.

Duos, which provides technologies largely for railroads, has found organization slow not only because of deal delays with shoppers but also the international pc chip scarcity, which affects its techniques.

“We are encountering delays in acquiring vital factors for our rail car inspection portals, such as superior cameras and superior-pace servers, which are significant to our inspection portals,” CEO Chuck Ferry claimed in Duos’ quarterly convention contact final week, according to a enterprise transcript.

“In response, we are taking specified steps to mitigate some of these concerns this kind of as obtaining extended guide moments in advance of official recognize to

by Amos Vanbrocklin — August 21, 2021 in Jacksonville Daily News

Genesis Park had 19 targets before acquiring Redwire | Jax Each day Record | Jacksonville Everyday History

Before launching its preliminary public providing past calendar year, Genesis Park Acquisition Corp. identified 19 potential merger targets.

Jacksonville-dependent place technological innovation enterprise Redwire was not just one of them.

Having said that, it did not just take long after the Nov. 27, 2020, IPO for Genesis Park to property in on Redwire.

“Redwire was not included in the Focus on Listing, and was subsequently discovered as a possible small business mixture focus on on November 30, 2020 via GPAC’s community of non-public fairness and venture funds buyers and by means of Jefferies, GPAC’s funds markets advisor,” Genesis Park explained in a proxy assertion filed previous 7 days for its pending merger with Redwire.

Genesis Park President Jonathan Baliff experienced an introductory cellular phone call a week later on with reps of Redwire and quite a few months of negotiations led to an settlement in March 2021.

Genesis Park is a specific goal acquisition firm shaped to uncover a merger target. The merger will make Redwire a public firm.

From its primary focus on record, Genesis Park finally had some degree of discussions with eight organizations that ranged from “pre-profits businesses” to providers with income of much more than $6 billion, the proxy said.

Redwire described earnings of $31.7 million in the very first quarter this yr, according to the proxy. But it is projecting revenue to grow to $1.4 billion in 2025.

During a July 9 analyst presentation webcast, Baliff claimed Redwire’s monetary profile

by Amos Vanbrocklin — July 15, 2021 in Jacksonville Daily News

Redwire acquisition information coming shortly | Jax Each day Document | Jacksonville Everyday Record

Considering the fact that asserting the offer in March, the blank check corporation obtaining Jacksonville-dependent Redwire LLC has furnished several particulars about the pending transaction.

Genesis Park Acquisition Corp. has posted several Securities and Exchange Fee filings with information tales about the space know-how company. But it has not posted a proxy assertion with information about the merger.

Having said that, last week Genesis Park posted a submitting with “sell facet analyst conversing points” displaying what the company is telling likely investors.

Redwire Chief Financial Officer Bill Read — Redwire Main Financial Officer Monthly bill Examine

Statements in the filing attributed to Redwire Main Economic Officer Invoice Browse reported the organization expects to publish its proxy “shortly” with the SEC.

“We intend to have an analyst working day just after the 4th of July vacation and we are scheduling to shut the merger all through the 3rd quarter of 2021,” he mentioned.

Redwire was formed in 2020 and merged 7 house engineering businesses, such as Jacksonville-centered Manufactured in Space, which presents a approach for producing in space.

“We have some volume of technological innovation on nearly each place mission. It seems like we are putting anything into space each thirty day period and with escalating frequency,” Browse reported in the chatting details.

Genesis Park is a special intent acquisition company shaped last calendar year to search for opportunities in aerospace.

Redwire will become a publicly traded business with the merger. Whilst it has not posted in-depth monetary info, the corporations claimed in March when the merger was

by Amos Vanbrocklin — July 1, 2021 in Jacksonville Daily News