TAMPA, Fla. — A shell company chaired by venture capitalist Raphael Roettgen began trading on the Nasdaq stock exchange Jan. 28 after raising $200 million to pursue a merger with a space-related business.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...