CF Acquisition V stockholders were expected to vote today on whether to merge with high-resolution satellite data collection company Satellogic.
That didn’t happen.
Instead, the SPAC adjourned the meeting almost immediately and in a news release said it would reconvene Dec. 20 after continuing “discussions regarding potential additional financing for the post-combination company.”
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 expenses and debt repayment, through the contribution of up to $250 million of cash held in the SPAC’s trust (which assumes no redemptions), and a concurrent $100 million PIPE led by SoftBank’s SBLA Advisers and Cantor Fitzgerald, among other institutional investors.
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. Read more.
