A major player in game-changing aerospace and defense platforms from blue chip companies is continuing to explode expectations in fund raising. The Miamisburg company provides novel composite manufacturing solutions and high value composite parts for aerospace and manufacturers worldwide.
Spintech Holdings Inc. (Spintech) recently announced the successful oversubscription of its Series B capital raise, which commenced in June 2023 and concluded in November 2023. The company targeted a $3 million Series B Preferred share investment, but due to excess demand, the board and shareholders increased the cap to over $4 million.
Spintech, with its two primary divisions—Hawthorn Composites and Smart Tooling—serve the aerospace and defense industries, with additional customers in sustainable energy. The funds are expected to play a pivotal role in supporting Spintech's growth initiatives, centered around the success of Spintech’s Hawthorn Composites division, launched in January 2021.
Spintech said Hawthorn Composites has exceeded expectations and is poised for significant growth. Growth is set to be fueled by the success of its aerospace and defense customers in selling high volumes of Unmanned Aerial Systems (UASs), Collaborative Combat Aircraft (CCA), Precision Guided Munitions (PGMs), Electric Vertical Take-off & Landing Vehicles (eVTOLs), Drones, etc.
Hawthorn is currently involved in various projects, including the production of composite inlet ducts for the Kratos XQ58A Valkyrie UAS, composite parts for General Atomics’ Off-Board Sensing Station (OBSS), composite fuselages for Zone 5 Technologies’ CLEAVER platform, composite components for multiple other proprietary Drone and PGM platforms, and composite foils and struts for ORPC’s RivGen Power Systems.
Significant contributions to the recent funding round were made by:
- Worthington Ventures LLC: Worthington Ventures LLC is the venture fund for Worthington Enterprises, formerly Worthington Industries. Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that help enable people to live safer, healthier and more expressive lives. The Company operates with three business segments: Building Products, Consumer Products and Sustainable Energy Solutions.
- McKenna & Associates LLC (McKenna): a strategic advisory and investment firm specializing in the intersection of capital markets, regulation and government.
With a focus on aerospace and defense, McKenna brings proprietary capital and expertise to the Spintech Team as new board observers. The firm's management team, with strong ties to the Department of Defense, is anticipated to leverage their relationships to support Spintech in its future endeavors.
“Spintech is thrilled with the response and strong support we received from both our existing shareholders and some exciting new shareholders for our Series B capital raise to support our current and future growth strategies,” said Craig Jennings, Spintech Holdings Inc. CEO. “We recognize that 2023 was not an easy time to raise new capital, leaving us happy and grateful to be oversubscribed.”
Spintech Holdings was founded in 2010 and has grown to generate $3.5 million in annual product sales.
