Satellite and data company Spire is set to list on the New York Stock Exchange later this year after announcing a merger with special acquisitions company NavSight.
The new space firm is based in the US but is among the companies that set up a Luxembourg presence following the launch of the country’s space resources initiative in 2016. It collects data using a network of nanosatellites, for example for weather forecasting, maritime safety, air traffic monitoring and other advanced Earth information.
Spire and NavSight on 1 March announced that they had entered a merger agreement that would result in Spire becoming a publicly listed company.
“Spire was founded nearly a decade ago to help lead, inspire, and create the business of space-based data. Today, our proprietary data and solutions help customers solve some of earth’s greatest challenges, including Net Zero and Climate Change adaptation,” said founder and CEO Peter Platzer in a statement. “This transaction funds these growth plans and allows us to pursue, on a more aggressive timetable, this massive and growing long-term opportunity ahead of us.”
The merger gives Spire about $475m in gross proceeds, according to a press release. This includes $245m in a PIPE (private investment in public equity) group, led by Tiger Global Management, BlackRock Advisors, Hedosophia, Jaws Estates Capital, and Bloom Tree Partners.
The transaction requires approval from stockholders of Spire and NavSight but is expected to close this summer.
NavSight is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses.
It focuses on companies providing expertise and technology to US government customers in support of their national security, intelligence and defence missions.
The combined Spire Global and NavSight company will have a pro forma enterprise value of $1.6bn. Spire stockholders, NavSight stockholders, and PIPE investors will hold shares in the combined company to be listed on the NYSE under the ticker symbol “SPIR”.