Washington’s space hardware crowd has a new route to public markets, and it runs through a Florida shell company that last built motorized therapeutic platforms in 2019.
Gravitics, the Marysville-based developer of orbital carriers for government and commercial customers, is preparing a reverse takeover of Non-Invasive Monitoring Systems that would land it on the Nasdaq Stock Market. The offering terms call for 8.1 million shares priced between $14 and $17, a range that would value the combined business at roughly $693M on a fully diluted basis at the midpoint.
An SEC notice filed this week also surfaced a previously unreported $17M round Gravitics closed earlier this year, a disclosure that reads as groundwork for the listing.
Non-Invasive Monitoring Systems is the archetype. It shut down its manufacturing line in 2019 and kept the OTC listing, which makes it a ready-made vehicle: a private company takes control of the combined operations and inherits a ticker without the blank-cheque theatrics of a SPAC. For Gravitics, the trade is scrutiny for speed – less roadshow, a faster route to Nasdaq, and a deal that has been under discussion for months.
The hardware Gravitics wants investors to buy into is the Diamondback, an orbital carrier targeted for a 2027 debut. Its pitch to government and commercial operators is infrastructure in orbit, delivered on a schedule launch customers can plan around.
For a sector that has spent two years watching space startups chase SPAC exits, the shell route offers a cheaper door. It also asks public investors to price a vehicle that has not yet flown.
