Seraphim Space Investment Trust (LSE:SSIT) shares dropped sharply, down 11.99% to 195.8p after a C-share placing announced by the company.
The C Shares will sit as a separate share class during deployment and are expected to convert into shares at periodic intervals based on quarterly NAVs, with the proceeds intended to continue the strategy executed since IPO by the company's manager, Seraphim Space, which manages c.$550m of SpaceTech assets.
SSIT’s case for the raise rests on a 24‑holding portfolio with a fair value at 31 December 2025 equal to 198% of cost, a top‑10 average annual revenue growth rate of 79% and an expectation that more than 85% of the portfolio will be EBITDA profitable in 2026, while post‑period events include Xona Space Systems’ oversubscribed $170m Series C that lifted SSIT’s carrying value by 167% and HawkEye 360 filing a registration statement for a proposed IPO.
The Retail Offer is expected to close at 12:00pm on 6 May (retail platforms may set earlier deadlines) and the Placing closes at 12:00pm on 7 May, with retail applications routed via RetailBook distribution partners.
The Issue is conditional on shareholder approval at the General Meeting on 6 May and investors are directed to the company’s Circular and Appendix I (Risk Factors) for full terms, the company said.
