Genesis Park Acquisition Corp. and Redwire Announce Shareholder Approval of the Business Combination

Rhea-AI Summary

Genesis Park Acquisition Corp. (GNPK) announced that shareholders approved the business combination with Redwire, a leader in space solutions, at an extraordinary general meeting held on September 1, 2021. Approximately 97% of votes cast, representing around 73% of outstanding shares, supported the merger. Following the approval and certain closing conditions, the business combination is expected to be completed around September 2, 2021. Post-merger, the new entity will operate as Redwire Corporation, with stock trading beginning on September 3, 2021.

Positive

• Shareholder approval of the business combination with Redwire enhances GNPK's market position in the space economy.
• The merger could lead to potential growth opportunities leveraging Redwire's expertise in mission-critical space solutions.

Negative

• The business combination is subject to additional closing conditions, which may pose risks to completion.
• Uncertainties related to the merger's integration and impact on existing operations may affect future performance.

JACKSONVILLE, Fla. and HOUSTON, Sept. 1, 2021 /PRNewswire/ -- Genesis Park Acquisition Corp. ("GPAC") (NYSE: GNPK), a U.S. publicly-traded special purpose acquisition company, and Redwire, LLC ("Redwire" or the "Company"), a leader in mission critical space solutions and high reliability components for the next generation space economy, announced that at GPAC's extraordinary general meeting held today (the "Extraordinary General Meeting"), GPAC's shareholders voted to approve the previously announced proposed business combination between GPAC and Redwire (the "Business Combination"), as well as all other proposals related to the Business Combination. Approximately 97% of the votes cast at the meeting, representing approximately 73% of GPAC's outstanding shares as of the record date, voted to approve the Business Combination.

GPAC plans to file the results of the Extraordinary General Meeting, as tabulated by an independent inspector of elections, on a Form 8-K with the Securities and Exchange Commission (the "SEC") today.

Based on today's shareholder approval and subject to the satisfaction or waiver of certain other closing conditions as described in the GPAC definitive proxy statement/prospectus, the Business Combination is expected to be consummated on or about September 2, 2021. Following the consummation of the Business Combination, the combined company will operate as Redwire Corporation and its shares of common stock and warrants are expected to trade on the New York Stock Exchange beginning on September 3, 2021 under the symbols "RDW" and  "RDW WS," respectively.

About Redwire

Redwire is a leader in mission critical space solutions and high reliability components for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.

About GPAC

Genesis Park is a publicly traded special purpose acquisition company sponsored by an affiliate of Genesis Park, trading on the NYSE under the ticker symbol NYSE: GNPK. GNPK is one of the first aerospace and aviation services special purpose acquisition companies, and may pursue an initial business combination in any industry or geographic region, but specifically seeks to capitalize on the operational and investment experience of the GNPK management team and Board of Directors by focusing on companies that have significant growth prospects in the aerospace and aviation services sector. 

Contacts:

Media: Austin Jordan
321-536-8632
Austin.jordan@redwirespace.com 

OR

Investors:
investorrelations@redwirespace.com

Forward Looking Statements

This document includes "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of Genesis Park Acquisition Corp., Redwire or the combined company after completion of the Business Combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement governing the proposed business combination; (2) the inability to complete the transactions contemplated by the merger agreement due to the failure to obtain approval of the shareholders of Genesis Park Acquisition Corp. or other conditions to closing in the merger agreement; (3) the ability to meet NYSE's listing standards following the consummation of the transactions contemplated by the merger agreement; (4) the risk that the proposed transaction disrupts current plans and operations of Redwire as a result of the announcement and consummation of the transactions described herein; (5) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the proposed business combination; (7) changes in applicable laws or regulations; (8) the possibility that Redwire may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the SEC by Genesis Park Acquisition Corp. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Genesis Park Acquisition Corp. and Redwire undertake no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Additional Information

In connection with the proposed business combination between Redwire and Genesis Park Acquisition Corp., Genesis Park Acquisition Corp. filed with the SEC a definitive proxy statement / prospectus on August 11, 2021 is mailing the definitive proxy statement / prospectus and other relevant documentation to Genesis Park Acquisition Corp. shareholders. This document does not contain all the information that should be considered concerning the proposed business combination. It is not intended to form the basis of any investment decision or any other decision in respect to the proposed business combination. Genesis Park Acquisition Corp. shareholders and other interested persons are advised to read the definitive proxy statement / prospectus in connection with Genesis Park Acquisition Corp.'s solicitation of proxies for the special meeting to be held to approve the transactions contemplated by the proposed business combination because these materials will contain important information about Redwire, Genesis Park Acquisition Corp. and the proposed business combination. The definitive proxy statement / prospectus is being mailed to Genesis Park Acquisition Corp. shareholders as of August 2, 2021, the record date established for voting on the proposed business combination.

Shareholders are also able to obtain a copy of the definitive proxy statement / prospectus, without charge, at the SEC's website at http://sec.gov or by directing a written request to Genesis Park Acquisition Corp., 2000 Edwards Street, Suite B, Houston, Texas 77007.

This document shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination.

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SOURCE Genesis Park Acquisition Corp.; Redwire

FAQ

What is the significance of GNPK's merger with Redwire?

The merger positions GNPK to capitalize on growth in the space economy through Redwire's advanced capabilities.

When will the merger between GNPK and Redwire be finalized?

The merger is expected to be finalized on or about September 2, 2021.

What will be the new ticker symbol after the merger?

Post-merger, the company will trade as Redwire Corporation under the ticker symbols 'RDW' and 'RDW WS'.

What was the shareholder approval percentage for the merger?

Approximately 97% of the votes cast at the extraordinary meeting approved the merger.

What are the potential risks associated with the GNPK and Redwire merger?

Potential risks include completion uncertainties and the impact on Redwire's current operations.