Satellogic, which aims to provide geospatial data to the government and commercial sectors, went public Wednesday following the completion of the satellite imagery provider’s merger with a Cantor Fitzgerald-backed special purpose acquisition company.
The combination with CF Acquisition Corp. V, which was first announced in July 2021, would bring in $262 million in gross proceeds for Satellogic and places the combined entity’s stocks on the Nasdaq under the symbol SATL, the company said Tuesday.
Proceeds include $100 million from a private placement funding round led by Cantor Fitzgerald and SoftBank’s SBLA Advisers Corp. Liberty Strategic Capital also committed $150 million in private placement funds to help raise the funds.
Steven Mnuchin, founder of Liberty Strategic Capital and former Department of the Treasury secretary, will serve as the non-executive chairman of Satellogic’s board of directors.
Satellogic plans to use the money raised through the deal in efforts to establish its satellite constellation for mapping Earth’s surface.