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Genesis Park Acquisition Corp. Announces Effectiveness Of Registration Statement And Extraordinary Meeting Date In Connection With Proposed Business Combination With Redwire

Extraordinary General Meeting Scheduled for September 1, 2021 to Approve Business Combination with Redwire

Genesis Park Acquisition Corp. a publicly traded special purpose acquisition company, announced  that the U.S. Securities and Exchange Commission (“SEC”) has declared effective its registration statement on Form S-4 (File No. 333-257710), which includes Genesis Park’s definitive proxy statement/prospectus in connection with Genesis Park’s Extraordinary General Meeting of shareholders relating to the previously announced business combination (the “Business Combination”) with Redwire.

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The Extraordinary General Meeting of Genesis Park’s shareholders will be held at 10:00 a.m. Eastern Time on September 1, 2021 in connection with the Business Combination. The proxy statement/prospectus is being mailed to the Company’s shareholders of record as of the close of business on August 2, 2021 (the “Record Date”).

Upon closing of the transaction, the combined company will be named Redwire Corporation and will be listed on the NYSE under the new ticker symbol “RDW.”

As a first-mover industry consolidator with next generation breakout capabilities, Redwire provides complete solutions for space commercialization to its diversified base of customers in the national security, civil and commercial markets.

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Paul Hobby, CEO of Genesis Park, said, “We are pleased to reach this milestone on Redwire’s path to becoming a public company. Redwire is a proven, profitable leader in the space community with a robust portfolio of technology and IP, including for on-orbit 3D printing, servicing, assembly, and manufacturing. As the dramatic improvements in the economics of spaceflight create new markets, there is significant opportunity to accelerate growth across the fragmented space landscape for Redwire’s next generation infrastructure.”

Peter Cannito, Chairman and CEO of Redwire, said, “We are at the beginning of a second golden age of space, with substantial growth being driven by new business models that are economically and commercially feasible in the near-term because of innovative technology and infrastructure like ours. We are well-positioned to be a leader in infrastructure for this economic expansion due to our highly differentiated heritage plus innovation strategy – we have the proven flight heritage of a traditional space company and the innovative technology, such as on-orbit 3D printing, of a new space disruptor. Our purpose-built approach to growth drives strong customer retention and a robust backlog, and we have high visibility into our growth opportunities as we enable the future of space commerce. We are excited to reach this milestone on our way to becoming a public company.”

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Kirk Konert, Partner at AE Industrial Partners, said, “Redwire continues to execute on its strategy to enable the expansion and commercialization of the space economy. We are excited about this next step in the Company’s journey, as there will be even greater opportunities to deliver value as a public company through its mission-critical, next generation infrastructure technology solutions.”

Recent operational and financial highlights include:

  • Significant technological developments and demonstrations of Redwire’s mission-critical, next generation technology and infrastructure:
    • Announced launch of new manufacturing hardware to the International Space Station (“ISS”) that will demonstrate additive manufacturing processes using lunar regolith simulant, maximizing in-situ resources and enabling robust construction on the lunar surface.
    • Successfully demonstrated the potential of the company’s Hybrid Architecture Laboratory Operational Environment (“HALOE”) to enhance U.S. national defense by facilitating rapid and configurable digitally engineered space mission design.
    • Connected the second of two new solar arrays enabled by Redwire’s technology to ISS to complete the installation of the first pair of ISS Roll-Out Solar Arrays (iROSA).
    • Deployed the company’s Additive Manufacturing Facility capabilities to 3D print a part to keep the ISS Brine Processor Assembly (BPA) working smoothly.
  • Strong current performance and financial outlook bolstered by robust backlog and contract momentum:
    • Approximately $280M[1] of total backlog and $220M of bids submitted and awaiting decision.
    • Q1 2021E revenue of $36M, continued confidence in full year 2021E revenue outlook of $163M.
    • Cash flow positive today with substantial margin improvement via vertical integration and the realization of the benefits of scale.

As previously announced, the transaction values Redwire at a $615 million pro forma enterprise value, representing 9.6x estimated 2023 Adjusted EBITDA of approximately $64 million and 2.5x estimated 2025 Adjusted EBITDA of approximately $250 million. Assuming no redemptions by Genesis Park stockholders, the Business Combination is expected to deliver approximately $170 million cash to the Redwire balance sheet. The Business Combination is further supported by a $100 million fully committed and oversubscribed PIPE of common stock, priced at $10.00 per share, with participation by Senvest Management, LLC and Crescent Park Management, L.P.

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