24/7 Market News Snapshot 09 December, 2024 – Satellogic Inc. Class A Ordinary Shares (NASDAQ:SATL)

December 9, 2024

DENVER, Colo., 09 December, 2024 (247marketnews.com) – (NASDAQ:SATL) are discussed in this article.
Satellogic Inc. has recently garnered significant attention in financial markets, evidenced by its remarkable performance in pre-market trading, where shares surged by 26.43% to reach $3.970, up from the previous close of $3.140. This exceptional increase, supported by a trading volume of 5.50 million shares, reflects a compelling investor interest in the company’s pioneering satellite technology and growth trajectory.

In addition to this momentum, Satellogic has announced a strategic share purchase agreement with a notable institutional investor, aimed at bolstering its operational and expansion capabilities. Under this agreement, the company will issue approximately 3,571,429 Class A Ordinary Shares at a price of $2.80 per share, with expected gross proceeds of about $10 million, prior to expenses. This influx of capital is set to enhance Satellogic’s mission as it continues to expand its presence in the U.S. and explore opportunities within the National Security market and global Space Systems sectors.

Emiliano Kargieman, CEO and Founder of Satellogic, emphasized the significance of this funding, stating, “This investment is a pivotal step in our journey and will support our ambitious expansion plans for 2025.” In support of this initiative, Rick Dunn, CFO of Satellogic, highlighted that the engagement with a prominent institutional investor underlines confidence in the company’s robust business model and future growth prospects.

The shares offered will comply with the exemptions under the U.S. Securities Act of 1933, and a subsequent application will be made to the SEC for the registration of these shares for resale. As a frontrunner in real-time satellite imagery, Satellogic continues to redefine the landscape of Earth observation technology, providing scalable and cost-effective insights beneficial to a diverse range of stakeholders, including governments and industries worldwide. This potent combination of market performance and strategic financing positions Satellogic favorably for continued innovation and expansion in the fast-evolving satellite data ecosystem.

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