CF Acquisition V announced that it adjourned today’s stockholders’ meeting without conducting a vote on the SPAC’s proposed merger with Satellogic. The SPAC had adjourned a shareholder meeting less than two weeks ago for the same reason stated today: “to allow CF V additional time to continue discussions regarding potential additional financing for the post-combination company.”
The meeting is now rescheduled for Dec. 30.
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.
