Friedman Kaplan Advises Satellogic in Business Combination to Go Public
Friedman Kaplan, along with Greenberg Traurig, LLP, represented Nettar Group, Inc. d/b/a Satellogic (“Satellogic”), a leader in high-resolution satellite data collection, in connection with the execution of a definitive business combination with CF Acquisition Corp. V, a special purpose acquisition company (SPAC) sponsored by Cantor Fitzgerald. The transaction, which is expected to close early in the fourth quarter of 2021, values the combined company at an enterprise value of $850 million. Upon closing, the combined company will operate as Satellogic Inc. and its shares are expected to be listed on Nasdaq under the ticker symbol SATL.
Satellogic currently has 17 commercial satellites in orbit, including four launched on June 30, and it recently signed a multiple-launch agreement with SpaceX to deploy the full constellation of 300+ satellites, which it expects to complete by 2025. Once fully deployed, the satellites will enable Satellogic to be the only company capable of remapping the world at resolutions as high as 30 centimeters and at the frequency required to address virtually all commercial applications.
This transaction represents our most recent work with Satellogic. Friedman Kaplan has represented the company as outside corporate counsel in connection with financing and other transactions as well as general corporate matters. More information about the firm’s Corporate practice can be found here.
Partners Gregg S. Lerner and Asaf Reindel led Friedman Kaplan’s deal team, which also included partners Michael A. Gordon and Joel I. Frank as well as associate Nicole Llinares. More information about the transaction can be viewed here.