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 SoftBankâs 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.
