Satellogic secures $10M through institutional investor placement
by Clarence Oxford
Los Angeles CA (SPX) Dec 10, 2024

Satellogic Inc. (NASDAQ: SATL), a prominent provider of sub-meter resolution Earth observation data, has announced a private placement agreement with a single institutional investor. The agreement involves the issuance and sale of 3,571,429 Class A Ordinary Shares at a price of $2.80 per share. The transaction will generate approximately $10 million in gross proceeds before deducting associated offering expenses. These funds are intended for general corporate purposes, with the transaction expected to close by December 10, 2024.

"The proceeds from this investment in Satellogic will help advance our mission as we continue to focus on our U.S. strategy, the National Security market, and our global Space Systems opportunities," stated Emiliano Kargieman, CEO and Founder of Satellogic.

Rick Dunn, CFO of Satellogic, commented, "This new facility from a significant institutional investor is meaningful as we look to continue expanding in 2025."

The shares are being offered and sold under the exemption provided in Section 4(a)(2) of the United States Securities Act of 1933. Following the transaction, the company plans to file a resale registration statement on Form F-3 with the SEC to facilitate the resale of these ordinary shares by the purchasers.

Cantor Fitzgerald and Co. is serving as the placement agent for this offering.

This announcement does not constitute an offer to sell or solicit an offer to buy securities in any jurisdiction where such an offer or sale would be unlawful without prior registration or qualification under the applicable securities laws.

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