Nettar Group Inc., or Satellogic, a provider of high-resolution satellite data collection, and CF Acquisition Corp. V, a special purpose acquisition company sponsored by Cantor Fitzgerald,y have entered into a definitive merger agreement that will result in Satellogic becoming a publicly traded company. The transaction is expected to be completed early in the fourth quarter of 2021, subject to regulatory approvals and other customary closing conditions. After closing, Satellogic will trade on the Nasdaq under ticker symbol “SATL.”
Emiliano Kargieman, CEO and co-founder of Satellogic, said, “Since our founding, Satellogic has been committed to our mission of democratizing access to geospatial data to help solve the world’s most pressing problems. Today’s transaction is a significant milestone and brings us one step closer to fulfilling that goal. The merger will allow us to continue building out our constellation of satellites and maintain our position as a global leader in sub-meter imagery.”
Howard W. Lutnick, chairman & CEO of CFAC V and Cantor Fitzgerald said, “Satellogic is uniquely positioned to dominate the Earth Observation industry. Its technology, data, and analytics have vast use cases across countless industries. Imagine insurance companies being able to document disaster damage in real-time detail remotely. Or an app providing direct daily satellite data to a farmer about the best time to harvest crops. Or bringing live documentation of deforestation or rising sea levels to policymakers to drive the discussion around climate change.”
J.P. Morgan is serving as exclusive financial advisor to Satellogic, with Friedman Kaplan Seiler & Adelman LLP and Greenberg Traurig LLP serving as legal counsel to the company. Cantor Fitzgerald & Co. is serving as financial advisor and capital markets advisor to CFAC V as well as placement agent on the PIPE, with Hughes Hubbard & Reed LLP serving as legal counsel to CFAC V.