Dennis Muilenburg
Dennis Muilenburg, former CEO of Boeing Co., which left office during the 737 Max crisis, is about to present itself to a blank check company, according to people who are aware of it.
Muilenburg, who resigned in 2019 from Boeing’s board of directors and top executive, plans to raise about $ 200 million in a special-purpose acquisition company, one of the people said, asking not to be identified because the matter is private.
The vehicle could show up as early as next week, according to people, and will focus on finding targets in futuristic transportation.
Muilenburg could not be reached for comment.
Prominent figures from the business, political and sports worlds have been rushing into the SPAC market since last year, in part due to the lucrative payment for the management of these vehicles.
The former Boeing chief was fired in late 2019 after manipulating the aircraft manufacturer’s response to two fatal crashes of the 737 Max and its aftermath. In aviation, Muilenburg was an enthusiastic supporter of autonomous flying vehicles and air traffic control technology that would one day allow them to move urban travelers through congested streets.
Muilenburg appeared last month as an investor and advisor to Monarch Tractor, a Silicon Valley startup that develops an all-electric tractor that is “optional for the driver.” The training engineer formed a consulting business last year and works with a dozen companies after a 35-year career at Chicago-based Boeing.
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Pregnant in crisis over the 20-month grounding of Max and the Covid pandemic, the US manufacturer last year folded his venture capital arm Boeing NeXt. Under Muilenburg, the unit had pursued joint ventures such as Kitty Hawk, a futuristic aircraft manufacturer backed by Alphabet Inc. co-founder Larry Page.