WASHINGTON — Earth imaging company Satellogic announced July 6 it will go public through a merger with a special purpose acquisition company (SPAC),

Satellogic to public through SPAC deal

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2021-07-07 18:00:07

WASHINGTON — Earth imaging company Satellogic announced July 6 it will go public through a merger with a special purpose acquisition company (SPAC), raising the funding it needs to build out a constellation of 300 spacecraft.

Satellogic said it will merge with CF Acquisition Corp. V, a SPAC sponsored by financial firm Cantor Fitzgerald. The SPAC holds $250 million in cash after going public on the Nasdaq exchange in February, and an additional $100 million will come from a current funding round known as private investment in public equity.

After debt repayment and expenses, Satellogic expects to have $271 million in cash when the deal closes, which the companies expect to be early in the fourth quarter. The merger will give Satellogic a valuation of $1.1 billion.

Satellogic, headquartered in Montevideo, Uruguay, but with offices in several countries, currently operates 13 imaging satellites that provide high-resolution and hyperspectral imagery. The company launched four more satellites on SpaceX’s Transporter-2 dedicated rideshare mission June 30 that will be operational in six to eight weeks.

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