April 2025 statements by founder Chris Kemp only deepen my conviction that public shareholders were deliberately misled while insiders ultimately benefited from the company’s orchestrated failure and privatization.
The buyout price of $0.50 per share represented a near-total loss for those who invested during or after the SPAC merger, when the company claimed a multi-billion dollar valuation. The timing is deeply suspicious: only after the company finalized its take-private transaction in the March-July 2024 timeframe, acquiring valuable assets built with public shareholder funds (including the profitable satellite engine business acquired via Apollo Fusion) for pennies on the dollar through what founder Chris Kemp cynically termed a “Founder Led Acquisition Company” (FLAC) โ bullshit terminology for which I have video evidence โ did they announce, in May 2024, winning a U.S. Space Force Space Systems Command contract for the ‘Ascent’ mission. This sequence strongly suggests that public investors were used and discarded once the valuable core of the business could be secured privately by the founders, conveniently timed with securing new government contracts.
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