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Spire Global stock now listed on New York Stock Exchange

Spire Global stock now listed on New York Stock Exchange

by Kate OGLESBY 17.08.2021 From our online archive
Satellite developer follows March announcement it would go public this year
Spire helps monitor illegal fishing and weather patterns
Spire helps monitor illegal fishing and weather patterns
Photo credit: AFP

Luxembourg space company Spire Global on Tuesday began listing shares of its company on the New York Stock Exchange, the satellite developer said.

The company announced in March it would be making the business public with two groups of investors set to buy shares in the company and list them on the largest US stock exchange via a new blank-check company called NavSight Holdings.

Spire received $265 million (€225 million) from investors, the company said. That included $20 million (€17 million) from NavSightHoldings’ Trust and $245 million (€208 million) from investors who bought the stock from the company for below market price through so-called PIPE financing.

Spire did not name the PIPE investors on Tuesday but said in March that the funding would come from US hedge fund Tiger Global Management and funds managed by BlackRock, Hedosophia,  Bloomtree Partners and the family investment fund of Starwood Capital's founder. 

Stockholders in Spire Global would own 67% of the shares in the listed company, the company also said in March.

The satellite developer, which was established in San Francisco and came to Luxembourg in 2017, will list on the stock exchange under the symbol SPIR.

Spire operates a consellation of satellites to monitor weather and illegal fishing patterns, sharing the information with governments, maritime agencies or enforcement agencies.

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