High-resolution satellite data collection company Satellogic plans to merge with CF Acquisition V, a SPAC sponsored by Cantor Fitzgerald. The combination values Satellogic at an implied pro forma enterprise value of $850 million.
The transaction is expected to put up to approximately $274 million in cash on the Satellogic balance sheet, after transaction expenses and debt repayment, through the contribution of up to $250 million of cash held in the SPAC’s trust account (assuming no redemptions by stockholders), and a concurrent $100 million PIPE led by SoftBank’s SBLA Advisers and Cantor Fitzgerald, among other institutional investors.
Founded in 2010, Satellogic is the first vertically integrated geospatial analytics company. Satellogic is building the first scalable, fully automated Earth observation platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for geospatial data customers.
Pending regulatory and shareholder approvals, the transaction is expected to be completed early in the fourth quarter. Satellogic would trade on the Nasdaq under SATL. Read more.
