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.”