SpaceDev, a part of the "Space Systems Business" of Sierra Nevada Corporation, is prominent for its spaceflight and microsatellite work. It designed and built components for the hybrid rocket motors for Paul Allen's Tier One suborbital SpaceShipOne space program operated by Scaled Composites. It is also developing micro- and nano-satellites, a small expendable launch vehicle, the SpaceDev Streaker, and has designed a piloted suborbital and orbital spaceship of its own, the SpaceDev Dream Chaser, in collaboration with NASA. SpaceDev is based near San Diego in Poway, California. Its objective is to make routine commercial spaceflight possible and to help open space for all of humanity. Previously a publicly traded company (OTCBB:SPDV), on 20 October 2008 SpaceDev officials announced that the company would be acquired by Sierra Nevada Corporation, a privately owned company. The announced acquisition price was 38 million dollars. The role of SpaceDev will be melded into another of Sierra Nevada's subsidiary companies, MicroSat, to create a more complete space technology unit. On December 16, 2008, SpaceDev announced its acquisition by Sierra Nevada Corporation had been completed. History SpaceDev was founded in 1997 by Jim Benson, who acquired Integrated Space Systems of Southern California and then acquired a dormant publicly traded Colorado corporation through a reverse acquisition to create the publicly traded SpaceDev. For a while, SpaceDev also owned UK-based Space Innovations Limited. In August 1998 SpaceDev acquired all patents, intellectual property, test results, and documents that had been produced by the out of business American Rocket Company (AMROC). On August 6, 1998, the United States Securities and Exchange Commission filed an administrative proceeding alleging securities fraud against Spacedev Inc. According to the SEC, Spacedev promotes itself extensively on the Internet. The SEC alleged that the company made false and misleading statements over the Internet and via other media in violation of U.S. securities laws in an attempt to increase its stock value. The SEC was seeking cease and desist orders against Spacedev and its chairman, James W. Benson. A settlement was reached between the SEC, Spacedev and James W. Benson. The settlement states that the SEC was founded in its allegations and SpaceDev cease and desist from committing or causing violations or future violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder; and Mr. Benson cease and desist from committing or causing violations or future violations of Section