Private equity firm Liberty Strategic Capital is to invest USD150 million in Satellogic in connection with its merger with CF Acquisition Corp V (CFV), a special purpose acquisition company (SPAC) sponsored by Cantor Fitzgerald, which will see Satellogic become a publicly traded company.
Satellogic specialises in high-resolution imagery of the Earth’s surface obtained through a constellation of low earth orbit satellites.
CFV was formed as a “blank check” company in January 2020 and completed an IPO in February 2021 at a price of USD10 per unit. In July 2021, CFV and Satellogic announced plans to merge at an implied enterprise value of USD850 million.
In exchange for its investment, Liberty will receive 20,000,000 Class A ordinary shares of Satellogic at USD7.50 per share, as well as 5,000,000 warrants with a strike price of USD10 per share and 15,000,000 warrants with a strike price of USD15 per share.
In connection with its investment in Satellogic, Liberty will secure two board seats. Secretary Mnuchin will join Satellogic’s Board of Directors as Non-Executive Chairman. Liberty’s investment is contingent upon the completion of CFV’s merger with Satellogic and is further subject to a waiting period under the Hart-Scott-Rodino Act.
