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FIREFLY TO AUCTION OFF ASSETS
Monday, March 13, 2017

Source: Firefly Space Systems

LEANDER, Texas - Firefly Space Systems will auction off its assets following months of troubles at the lightweight launch vehicle startup. The notice of auction was placed on Development Specialists Inc. (DSI), a company that specializes in selling assets of companies on behalf of their creditors.

The notice on DSI's website follows an announcement by Firefly on Twitter in October 2016 indicating that it was facing trouble raising the capital needed to continue operations.

According to Crunchbase, Firefly has raised $21.8 million in five rounds from three investors. The company was conducting a Series A funding round, but one of two investors pulled out at the last minute, leaving the company without enough cash to continue operations.

Firefly was one of many new companies developing lightweight launch vehicles to carry small satellites into orbit. Its primary competitors were Rocket Lab and Virgin Orbit. The three companies were awarded contracts by NASA under the Venture Class Launch Services (VCLS) program in October 2015. Despite the potential of $5.5 million in revenue coming to Firefly, without cash from investors it was not able to continue operations.

While space transportation remains exciting, it is a difficult business. There are large technological and financial challenges that must be overcome in order to be successful. XCOR Aerospace has also recently pivoted away from developing a standalone vehicle to providing consulting services to others in the business. The companies most likely to succeed are those that have access to a large amount of capital, like Virgin Galactic, Blue Origin, and SpaceX.

Source:  DSI
Associated URL: http://www.dsiassignments.biz/case.asp?id=97
Source Date: March 13, 2017
Author: B. Ostrove, Analyst 
Posted: 03/13/2017
 

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