Class A Ordinary Shares to Commence Trading on Nasdaq on January
26, 2022 under ticker “SATL”
Gross proceeds to Satellogic will total approximately $262
million, including cash held in CFV’s trust account and concurrent
PIPE financing, as well as the transaction with Liberty Strategic
Capital, slated to close in February
Transaction expected to allow Satellogic to scale its
constellation of satellites, collecting and analyzing weekly remaps
of the Earth by 2023 and creating a live catalog of every square
meter of Earth daily thereafter, enabling immense commercial,
sustainability, and government applications
Satellogic Inc., a leader in sub-meter resolution satellite
imagery collection (“Satellogic,” the “Company”), today announced
that it has completed its previously announced business combination
with CF Acquisition Corp. V (Nasdaq: CFV) (“CFV”), a publicly
traded special purpose acquisition company sponsored by Cantor
Fitzgerald. The business combination was approved at a special
meeting of CFV stockholders on January 24, 2022. Beginning
Wednesday, January 26, 2022, Satellogic’s Class A ordinary shares
and warrants will trade on the Nasdaq under the ticker symbols
“SATL” and “SATLW,” respectively.
In connection with the closing of the business combination and
other transactions, Satellogic will receive gross proceeds of
approximately $262 million. This total includes proceeds from the
CFV trust account and the previously announced private placement
(“PIPE”) of $100 million led by SoftBank’s SBLA Advisers Corp. and
Cantor Fitzgerald, among other top-tier institutional investors.
Cantor Fitzgerald increased its PIPE participation to approximately
$58 million from $33 million. Gross proceeds also include the $150
million private placement commitment from Liberty Strategic Capital
(“Liberty”). Liberty’s investment is expected to close in February
after the waiting period under the Hart–Scott–Rodino Antitrust
Improvements Act of 1976 expires.
The proceeds will further position Satellogic to scale its
constellation to remap the entire surface of the Earth in sub-meter
resolution, with the newest advanced satellite technology able to
capture 10 times more data at one-tenth of the cost of its
competitors. Satellogic’s capabilities uniquely position the
Company for vast commercial, sustainability and government
applications across a large addressable market. Recently, the
Company updated its forecasts to take into account the timing of
the business combination and current assumptions.
“Reaching this milestone represents a strong step forward for
Satellogic. We are thrilled with the close of this transaction and
look forward to our next chapter as a public company as we continue
on our mission to provide groundbreaking, high-resolution images
and data analytics of the entire Earth in real time at an
affordable price,” said Emiliano Kargieman, CEO & Founder of
Satellogic. “This transaction will allow us to continue to scale
our constellation of satellites to reach daily remaps of the
Earth’s surface at the high-resolution and low cost necessary to
unlock the vast commercial market. I’m extremely proud of our
team’s hard work and dedication to get us to this point and believe
we are well positioned for long-term sustainable growth.”
Former U.S. Secretary of the Treasury Steven Mnuchin, Founder
and Managing Partner of Liberty Strategic Capital, will join
Satellogic’s Board of Directors as Non-Executive Chairman upon
close of the transaction. Secretary Mnuchin said, “Congratulations
to the entire Satellogic team; we look forward to partnering with
you as you focus on a growing market with tremendous commercial and
government opportunity. Access to high-quality and cost-effective
information will improve decision-making and help solve problems on
a global scale.”
“Satellogic’s unparalleled technology cements its position as a
leader in the satellite industry with limitless opportunity,” said
Howard Lutnick, Chairman and CEO of Cantor Fitzgerald and CFV. “The
ability to remap the entire surface of the Earth at 70 centimeters
and an affordable price point positions the Company to address a
host of applications. I’m excited to support Satellogic on its
journey to penetrate this rapidly growing and largely untapped
market.”
Advisors
Cantor Fitzgerald & Co. served as financial advisor and
capital markets advisor to CFV as well as placement agent on the
PIPE. Hughes Hubbard & Reed LLP and Ellenoff Grossman &
Schole LLP served as legal counsel to CFV. J.P. Morgan served as
financial advisor to Satellogic. Friedman Kaplan Seiler &
Adelman LLP and Greenberg Traurig LLP served as legal counsel to
Satellogic.
About Satellogic
Founded in 2010 by Emiliano Kargieman and Gerardo Richarte,
Satellogic is the first vertically integrated geospatial company,
driving real outcomes with planetary-scale insights. Satellogic is
creating and continuously enhancing 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 customers.
Satellogic’s mission is to democratize access to geospatial data
of high-resolution images and analytics through its information
platform to help solve the world’s most pressing problems including
climate change, energy supply, and food security. Using its
patented Earth imaging technology, Satellogic unlocks the power of
Earth Observation to deliver high-quality, planetary insights at
the lowest cost in the industry.
With more than a decade of experience in space, Satellogic has
proven technology and a strong track record of delivering
satellites to orbit and high-resolution data to customers at the
right price point.
To learn more, please visit: http://www.satellogic.com
About Cantor Fitzgerald
CFV was sponsored by Cantor Fitzgerald. Cantor Fitzgerald, with
over 12,000 employees, is a leading global financial services group
at the forefront of financial and technological innovation and has
been a proven and resilient leader for 77 years. Cantor Fitzgerald
& Co. is a preeminent investment bank serving more than 5,000
institutional clients around the world, recognized for its
strengths in fixed income and equity capital markets, investment
banking, SPAC underwriting and PIPE placements, prime brokerage,
commercial real estate and for its global distribution platform.
Cantor Fitzgerald & Co. is one of the 24 primary dealers
authorized to transact business with the Federal Reserve Bank of
New York. Cantor Fitzgerald is a leading SPAC sponsor, having
completed multiple initial public offerings and announced multiple
business combinations through its CF Acquisition platform. For more
information, please visit: www.cantor.com.
Forward-Looking Statements
This press release contains “forward-looking statements,”
including statements regarding the transaction between CFV and
Satellogic. Such forward-looking statements include, but are not
limited to, statements regarding the closing of the Liberty
investment and CFV’s, Satellogic’s or their respective management
teams’ expectations, hopes, beliefs, intentions or strategies
regarding the future. The words “anticipate”, “believe”,
“continue”, “could”, “estimate”, “expect”, “intends”, “may”,
“might”, “plan”, “possible”, “potential”, “predict”, “project”,
“should”, “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. These forward-looking
statements are based on CFV’s and Satellogic’s current expectations
and beliefs concerning future developments and their potential
effects on CFV, Satellogic or any successor entity of the
transaction and include statements concerning (i) Satellogic’s
ability to scale its constellation, (ii) Satellogic’s ability to
meet image quality expectations and continue to offer superior unit
economics, (iii) Satellogic’s ability to become or remain an
industry leader, (iv) Satellogic’s ability to address all
commercial and sustainability applications for satellite imagery or
address a certain total addressable market, (v) expectations
regarding the closing of the Liberty investment and whether
available cash following such closing will be sufficient to meet
Satellogic’s business objectives and (vi) the expected timing of
closing the Liberty transaction. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. These statements
are based on various assumptions, whether or not identified in this
press release. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by, an investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of CFV and
Satellogic. Many factors could cause actual future events to differ
materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk that the
Liberty investment may not be completed in a timely manner or at
all, which may adversely affect the price of Satellogic’s
securities, (ii) the effect of the transactions on Satellogic’s
business relationships, operating results and business generally,
(iii) risks that the transaction disrupts current plans and
operations of Satellogic, (iv) changes in the competitive and
highly regulated industries in which Satellogic operates,
variations in operating performance across competitors and changes
in laws and regulations affecting Satellogic’s business, (v) the
ability to implement business plans, forecasts and other
expectations, and identify and realize additional opportunities,
(vi) the risk of downturns in the commercial launch services,
satellite and spacecraft industry, (vii) the outcome of any legal
proceedings that may be instituted against Satellogic or CFV
related to the merger agreement or the transaction, (viii)
volatility in the price of Satellogic’s securities due to a variety
of factors, including changes in the competitive and highly
regulated industries in which Satellogic operates or plans to
operate, variations in performance across competitors, changes in
laws and regulations affecting Satellogic’s business and changes in
the combined capital structure, (ix) costs related to the
transactions and the failure to realize anticipated benefits of the
transactions or to realize estimated pro forma results and
underlying assumptions, including with respect to estimated
stockholder redemptions, (x) the risk that Satellogic and its
current and future collaborators are unable to successfully develop
and commercialize Satellogic’s products or services, or experience
significant delays in doing so, (xi) the risk that Satellogic may
never achieve or sustain profitability, (xii) the risk that
Satellogic may need to raise additional capital to execute its
business plan, which many not be available on acceptable terms or
at all, (xiii) the risk that Satellogic experiences difficulties in
managing its growth and expanding operations, (xiv) the risk that
third-party suppliers and manufacturers are not able to fully and
timely meet their obligations, (xv) the risk of product liability
or regulatory lawsuits or proceedings relating to Satellogic’s
products and services, and (xvi) the risk that Satellogic is unable
to secure or protect its intellectual property. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of the effective registration
statement on Form F-4 and the proxy statement/prospectus contained
therein previously filed with the SEC and other documents filed or
to be filed by CFV and/or Satellogic from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Satellogic and CFV assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither Satellogic nor CFV gives any assurance that
Satellogic will achieve their expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220125006168/en/
Investor Relations:
MZ Group Chris Tyson/Larry Holub (949) 491-8235
SATL@mzgroup.us
Media Relations:
Satellogic pr@satellogic.com
FTI Consulting Rachel Chesley
Satellogic@fticonsulting.com
CF Acquisition Corp. V Karen Laureano-Rikardsen
KLRikardsen@cantor.com
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