VIENNA, Va. – Spire (NYSE:SR) Global, Inc. (NYSE: SPIR), a provider of space-based data and analytics, has entered into agreements with institutional investors for a registered direct offering of its Class A common stock, which will result in gross proceeds of about $30 million. The transaction involves the sale of 2,142,858 shares at $14.00 each and is expected to close around March 25, 2024, subject to customary conditions.
The company also granted these investors an option to purchase up to an additional 2,142,858 shares at $14.50 per share within 100 days post-closing, potentially raising an extra $31 million.
Spire Global plans to allocate the net proceeds from this offering towards debt repayment, working capital, and general corporate purposes. A.G.P./Alliance Global Partners (NYSE:GLP) is the sole placement agent for the offering.
This financial move is being conducted under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (SEC). The necessary prospectus supplement and accompanying prospectus will be filed with the SEC and made available on their website.
Spire operates a constellation of satellites that collect data on global weather patterns, maritime and aviation movements, and signal interference, which are vital for various sectors to make informed decisions. The company also provides Space as a Service solutions, enabling customers to utilize its infrastructure for their own space-based business needs.
This press release, which is based on a press release statement, contains forward-looking statements and is subject to risks and uncertainties that could cause actual results to differ from those projected. Spire has filed the relevant risks and uncertainties in its annual and subsequent reports with the SEC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.