Sun, Dec 22, 2024
Latest Investment Round Bolsters Balance Sheet
Boom Supersonic has padded its balance sheet to the tune of an additional $100 million with its latest “down round” share offering. This provides enough cash to finance the development of the first in-house prototype of the Symphony engine.
A down round is a share offering at a lower price than the previous round to provide an opportunity to raise more money while creating a buying opportunity for investors to buy shares at a discount.
Boom Founder and CEO Blake Scholl said, “By being flexible on valuation… we created a buying opportunity for investors. This led to oversubscription and leaves the company in a stronger financial position.”
He added that “while no founder ever wants to do a recap, [he] remains focused on [the company’s mission]. Humanity needs and deserves supersonic travel. And I continue to believe boom can be one of the most significant companies of the 21st century.”
Boom is in pursuit of an in-house engine design to power the Mach 1.7-capable Overture airliner with the purpose-built ‘Symphony’ turbofan that will deliver up to 35,000 pounds of thrust. The conceptual design review was completed in October 2024, with hardware testing under way. The engine is being developed in collaboration with design partner Florida Turbine Technologies and expects that the full-scale engine core will be operational within 18 months.
In a social media post, Scholl explained the rationale for in-house engine development: “Turns out it is far less painful to make our own engine than try to convince a 100 year old company to move at startup speed. Overture and its Symphony engine are being developed together, with everything we learned from XB-1. And that’s where the magic is, developing the whole vehicle together as an integrated system.”
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