CF Acquisition V said its registration statment outling the proposed merger with Satellogic has been declared effective by the SEC.
The SPAC’s shareholder are scheduled to vote on the deal Dec. 8.
If approved, upon closing Satellogic’s shares and warrants are expected to list on the Nasdaq under SATL and SATLW.
Satellogic collects sub-meter resolution satellite imagery. 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.
The business combination values Satellogic at an implied pro forma enterprise value of $850 million.
As announced in July, 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. Read more.
