Seraphim Space Regulatory News (SSIT)

SERAPHIM SPACE INVESTMENT TRUST PLC

("the Company" or "SSIT")

D-Orbit Update

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech investment company, announces that its portfolio company D-Orbit SpA ("D-Orbit"), the market leader in space logistics and orbital transportation services, and Breeze Holdings Acquisition Corp. (NASDAQ: BREZ), a publicly traded Special Purpose Acquisition Company, have mutually agreed to terminate their previously announced merger agreement (the "Proposed Transaction"), effective immediately.  Both companies have agreed that financial markets have changed substantially since the Proposed Transaction was originally agreed upon and believe that terminating the merger is in the best interests of both parties' shareholders.

SSIT acquired its holding in D-Orbit in December 2021 from Seraphim Space LP ("Seraphim Space Fund") in line with the sale and purchase agreement signed at the time of IPO. SSIT currently has a 9.7% fully diluted holding in D-Orbit.

In the 31 March 2022 quarterly valuations, the Fair Value of the Company's investment in D-Orbit was £18.9m, principally based on the analysis of a number of comparable listed companies and using a range of different financial metrics in accordance with the International Private Equity and Venture Capital Valuation Guidelines. As such, SSIT does not anticipate that the mutual termination of the Proposed Transaction will have a material impact on the implied value of its holding in D-Orbit. The March 2022 valuation, which did not assume the merger would complete, was significantly above the value at which SSIT acquired the stake in December 2021.

James Bruegger, CIO of the Company's investment manager, Seraphim Space Manager LLP, added: "Since this agreement was first announced in January, financial markets have changed substantially, and it is clear that the merger agreement is no longer viable for either of the parties.

"Nevertheless, this does not change our outlook for D-Orbit, and we remain confident about the future of the company. We first backed D-Orbit in 2019 due to its vision for creating the in-space logistics market. Since then, it has established itself as the clear global market leader for in-orbit 'last mile' delivery solutions for satellites, having now successfully transported more than 80 payloads into orbit, including 60 satellites deployed from its ION satellite carrier spacecraft.

"In the last year, D-Orbit has successfully completed 4 ION missions that have included a number of world firsts. Besides delivering customers' satellites to their target orbits, these missions have also heralded D-Orbit's ability to host third party payloads for in-orbit testing and demonstrate edge computing in space. These are exciting future growth areas for the business.

"With a further 3 ION missions scheduled over the remainder of 2022, D-Orbit is accelerating full speed ahead to achieve its mission of building sustainable space infrastructure. We remain confident in the market potential of the company, which remains an important part of the SSIT portfolio."

- Ends -

Media Enquiries

Seraphim Space Manager LLP (via SEC Newgate) Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough

SEC Newgate (Communications advisers) seraphim@secnewgate.co.uk  Emma Kane / Clotilde Gros / George Esmond +44 (0) 20 3757 6767 

Deutsche Bank  Mark Hankinson / Gavin Deane / Neil Coleman +44 (0) 20 7545 8000 

J.P. Morgan Cazenove William Simmonds / Jérémie Birnbaum / Rupert Budge +44 (0) 20 7742 4000 

Notes to Editors

About Seraphim Space Investment Trust

Seraphim Space Investment Trust plc is the world's first listed fund focused on SpaceTech. The Company seeks exposure predominantly to early and growth stage privately financed SpaceTech businesses that have the potential to dominate globally and that are category leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.

The Company listed on the London Stock Exchange on 14 July 2021, following an oversubscribed IPO raising £150m of fresh capital. As 31 March 2022, the Company had net assets of £250m and exposure to 23 SpaceTech companies.

Seraphim Space Investment Trust plc is managed by Seraphim Space Manager LLP.

Further information is available at: https://investors.seraphim.vc/