Argentine headquartered satellite company Satellogic began trading on the Nasdaq from Wednesday, January 26, under the ticker symbol SATL, following the completion of its special purpose acquisition company (SPAC) merger on Wednesday. The company had first announced its SPAC business combination with CF Acquisition Corp in July 2021, at a valuation of $850 million.
“We are thrilled with the close of this transaction and look forward to our next chapter as a public company as we continue on our mission to provide groundbreaking, high-resolution images and data analytics of the entire Earth in real time at an affordable price,” said Satellogic CEO and Founder Emiliano Kargieman.
“This transaction will allow us to continue to scale our constellation of satellites to reach daily remaps of the Earth’s surface at the high-resolution and low cost necessary to unlock the vast commercial market. I’m extremely proud of our team’s hard work and dedication to get us to this point and believe we are well positioned for long-term sustainable growth,” he added.
As part of the transaction, the company will receive $262 million in gross proceeds. This total includes proceeds from the CFV trust account and the previously announced private placement (“PIPE”) of $100 million led by SoftBank’s SBLA Advisers Corp. and Cantor Fitzgerald, among other top-tier institutional investors. Cantor Fitzgerald increased its PIPE participation to approximately $58 million from $33 million.
The proceeds also include the $150 million private placement commitment from Liberty Strategic Capital, which is expected to close in February after the waiting period under the Hart–Scott–Rodino Antitrust Improvements Act of 1976 expires. On Tuesday, it was announced that former US Secretary of the Treasury Steven Mnuchin, who is the Founder and Managing Partner of Liberty Strategic Capital, will join Satellogic’s board as non-executive chairman.
Satellogic, the “first vertically integrated geospatial company”, currently operates a constellation of 17 satellites for sub-meter resolution satellite imagery and specializes in hyperspectral imagery and full-motion video from space. It will use proceeds from the SPAC to scale its constellation.
Satellogic, founded in 2010, is headquarted in Buenos Aires, Argentina, but had recently opened a US subsidiary. It also has operations across the world including Uruguay, Spain and China, and announced an upcoming satellite manufacturing facility in The Netherlands.
It plans to have 139 satellites in orbit by the end of 2024, and 202 satellites by 2025 end. The company is aiming to map the entire surface of the Earth in sub-meter resolution, with the newest advanced technology which, it claims, is capable of capturing 10 times more data at one-tenth of the cost of its competitors.
Earlier in 2020, Satellogic announced the launch of a Global Consortium of Geospatial Imagery, a scalable earth observation platform in collaboration with European Space Imaging, the leading supplier of global imagery in Europe and North Africa, Singapore-based Eartheye, which covers the JAPAC region, and 5CI for Brazil and Colombia in Latin America, as the founding members of the consortium.
