Gravitics Plots Nasdaq Debut Through Shell Company Merger, Eyeing $125M Raise

Marysville, Washington-based Gravitics is preparing for a reverse takeover that could lead to a $125 million public offering and a listing on the Nasdaq Stock Market. The orbital carrier developer would go public by merging with Non-Invasive Monitoring Systems, a Florida-based shell company, in an unorthodox route to the public markets.

The two ventures have been discussing the deal for months. Terms for the public offering were announced last month, and this week a notice filed with the Securities and Exchange Commission revealed a previously unreported $17 million funding round completed earlier this year. The filing appears to be part of the preparations for the reverse takeover.

A reverse takeover offers a faster route for a private company to go public by acquiring a less active shell company and taking control of the combined operations. Non-Invasive Monitoring Systems fits that profile. It stopped manufacturing motorized therapeutic platforms in 2019 but retained its OTC listing. The plan envisions uplisting the merged company from OTC to Nasdaq. The strategy has been used by several prominent companies, including Berkshire Hathaway, Burger King and Bellevue, Washington-based T-Mobile US.

Gravitics plans to follow the merger with an offering of 8.1 million shares priced between $14 and $17, which averages out to $125 million. Because the offering has been registered with the SEC, the parties are in a quiet period that restrains them from commenting on the arrangements.

The company was founded in 2021 by CEO Colin Doughan, chief architect Gary Hudson and chief marketing officer Michael DeRosa. Over the past five years it has secured high-profile contracts for the design and manufacture of orbital carriers and space station modules, though it has not yet put any spacecraft in orbit. In 2024, Gravitics won a $125 million contract from Axiom Space to provide a pressurized module for Axiom's yet-to-be-launched space station. Last month, NASA said it would issue an award of up to $225,000 to support Gravitics' work on a hangar facility for orbital cargo vehicles.

Gravitics is also receiving funding from the U.S. Space Force for multiple projects. The company said last month that it was selected by Lockheed Martin to support a contract of national importance, reportedly involving the development of orbital carriers for the Pentagon's Golden Dome missile defense initiative. Its Diamondback orbital carrier is due to make its debut as early as 2027.

The listing tests whether public investors will fund a pre-revenue space hardware bet in the current market. Going public through a shell merger marks an unorthodox path back to the public markets after the SPAC wave soured, and the effort signals continued investor appetite for orbital infrastructure plays. Orbital carriers, vehicles that host and deploy payloads in space, are an emerging category that several defense and commercial customers are eyeing.

With the offering registered and both parties in a quiet period, attention turns to the completion of the reverse takeover, the uplisting from OTC to Nasdaq, and the debut of the Diamondback orbital carrier, projected as early as 2027.