Spire agrees deal to go public

Satellite AIS data firm Spire Global has announced plans to proceed with a public listing of the company, which is expected to deliver hundreds of millions of dollars in funding for Spire’s ‘space-as-a-service’ business model.

The public listing will be achieved via a merger with NavSight Holdings, a special purpose acquisition company. Subject to various approvals the transaction is expected to close in summer of 2021 and could deliver up to $475 million of gross proceeds, including the contribution of up to $230 million of cash held in NavSight’s trust account.

The proposed transaction is further supported by a $245 million PIPE (private investment in public equity) anchored by Tiger Global Management, BlackRock Advisors, Hedosophia, Jaws Estates Capital, and Bloom Tree Partners.

Spire stockholders will retain 100% of their equity holdings in the combined company following the deal, and will hold approximately 67% of the fully diluted shares of common stock immediately following the closing of the business combination, assuming no redemptions by NavSight’s existing public stockholders.

“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 Peter Platzer, Founder and Chief Executive Officer of Spire.

“It has been immensely inspiring to see customers from all over the world turn to Spire’s solutions to help them make decisions about their business with confidence and speed and we are excited about the continued growth ahead. 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.”

Spire collects space-based data, including AIS signals, using a constellation of multi-purpose nanosatellites called LEMUR (Low Earth Multi-Use Receiver). The company’s software analytics generate data-based insights for its customers through a subscription model, working across a range of industries including weather, aviation and government, as well as maritime.

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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