Weather intelligence company Tomorrow.io is still pursuing its plan to build a satellite constellation, despite the end of its SPAC deal, the company’s co-founder told Via Satellite.
Tomorrow.io and Pine Technology Acquisition Corp. announced Monday that they abandoned their merger agreement, with Tommorrow.io paying $1.5 million as part of the termination deal.
Co-founder and Chief Strategy Officer Rei Goffer said that while the company received a favorable SPAC deal, the overall market performance of other SPACs gave his executive team pause. “It’s just not a good time for growth stage companies to go public right now,” said Goffer. “It’s not just space companies. Pretty much every growth stage [Space-as-a-Service] company or tech company that went public in the last six to nine months finds itself at 20% their valuation now, and that’s a not a pleasant place to be in unless you have no other choice. We had other choices.” Read more.
