Geospatial Firm Satellogic Closes SPAC Merger, Ex-US Treasury Secretary Steven Mnuchin To Join The Board

Geospatial company Satellogic Inc. (Nasdaq: SATL) is set to make its Nasdaq debut today following a reverse merger with special purpose acquisition company CF Acquisition Corp. V. The deal is already expected to generate gross proceeds of approximately US$262 million from investment commitments.

After securing the shareholders’ approval in a vote on Monday, the company’s shares and warrants will start trading on the Nasdaq today under new symbols “SATL” and “SATLW”, respectively. The SPAC used to trade on the big board under “CFV”.

The business combination saw 92.6% redemptions from the SPAC shareholders, roughly 23.1 million out of 25.0 million common shares.

The gross proceeds include the previously announced US$100 million private placement led by SoftBank’s SBLA Advisers Corp. and Cantor Fitzgerald, the SPAC’s sponsor. This also includes a US$150 investment commitment from Liberty Strategic Capital whose founder and managing partner, former US Secretary of Treasury Steven Mnuchin, is expected to join Satellogic’s board as non-executive chairman.

Proceeds are expected to be used in service of the firm’s goal “to remap the entire surface of the Earth in sub-meter resolution, with the newest advanced satellite technology able to capture 10 times more data at one-tenth of the cost of its competitors.”

The blank check firm closed its US$250 million initial public offering in January 2021, offering 25.0 million company units at US$10.00 per unit. The firm had said it planned to pursue a business combination in “the financial services, healthcare, real estate services, technology, and software industries.”

CF Acquisition V last traded at US$8.65 on the Nasdaq.


Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Financial SPAC HCM Acquisition Prices US$250 Million IPO

Special purpose acquisition company HCM Acquisition Corp (Nasdaq: HCMAU) started trading publicly on the Nasdaq...

Friday, January 21, 2022, 02:29:00 PM

ESG SPAC GSR II Meteora Acquisition Prices Upsized US$275 Million IPO

Special purpose acquisition company GSR II Meteora Acquisition Corp (Nasdaq: GSRMU) started trading publicly on...

Friday, February 25, 2022, 03:04:00 PM

SPAC Lakeshore Acquisition II Prices US$60 Million IPO

Special purpose acquisition company Lakeshore Acquisition II Corp. (Nasdaq: LBBBU) started trading publicly on the...

Wednesday, March 9, 2022, 12:06:00 PM

Ex-Blue Origin President-Led SPAC C5 Acquisition Prices US$250 Million IPO

Blank check company C5 Acquisition Corporation (NYSE: CXAC.U) is looking to raise US$250 million for...

Monday, January 10, 2022, 04:46:00 PM

Tech SPAC Athena Technology Acquisition II Looks To Raise US$250 Million In IPO

Blank check company Athena Technology Acquisition Corp. II (NYSE: ATEK.U) went public today on the...

Friday, December 10, 2021, 02:11:00 PM