Our Core Satellite & Space index was up +6.6% in July, outperforming the S&P 500 which saw a gain of +3.1% and outperforming the MSCI Global (ex.-U.S.) index which saw a gain of +3.9%.
Announced transaction volumes decreased meaningfully during the month as compared to June. In July, there were eight minority VC/PE equity financings, one M&A transaction, and no public equity financings.
L3Harris completed its acquisition of Aerojet after securing FTC clearance, planning to operate it as a new business unit based in Palm Bay, FL, bringing a range of new capabilities including rocket motors & propulsion.
Also in July, we saw the second public space company failure this year, with early-stage radio frequency monitoring company Kleos Space filing for bankruptcy after failing to secure sufficient additional funding.
Viasat provided an update that its ViaSat-3 Americas satellite experienced a reflector deployment failure. Quilty released an in depth financial and strategic analysis report on this significant development.