An artist rendering of the company’s global satellites in orbit.
Black sky
Seattle-based satellite imagery specialist BlackSky is the newest space company to be publicly traded soon. The company announced a SPAC deal on Thursday.
BlackSky merges with the special purpose vehicle company Osprey Technology. BlackSky will be listed on the New York Stock Exchange under the ticker BKSY when the deal closes, which is expected in July.
“This transaction fully funds our growth plans and accelerates our vision of delivering a ‘first-to-know’ advantage to our customers. This is a major turning point for our industry as commercial and government users need access to real-time information on the changes that is most important to them, ”said Brian O’Toole, CEO of BlackSky, in a statement.
Ospreys SPAC is currently trading under the ticker SFTW. Osprey is led by investors Edward Cohen and Jonathan Cohen together with David DiDomenico from JANA Partners. Shares rose up to 37% on the Thursday before trading.
BlackSky expects to generate around $ 450 million in cash income from the deal, including $ 180 million in a PIPE round with investors like Tiger Global, Mithril Capital (Ajay Royan and Peter Thiel’s investment firm) and Hedosophia ( British investor Ian) Osborne) and Senator Investment Group.
The merger is expected to be worth $ 1.5 billion, based on the value of the PIPE, according to the press release.
The company plans to use the funds to further achieve its goal of having a network of 30 imaging satellites taking pictures every 30 minutes from anywhere on the planet. To date, BlackSky has five satellites in operation, and plans to launch nine more satellites into orbit later this year. The company’s vertically integrated LeoStella joint venture with the Franco-Italian manufacturer Thales Alenia Space is building the BlackSky satellites.
A pair of BlackSky Global satellites in the LeoStella manufacturing facility.
Black sky
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