Seraphim Space completes nanosatellite deal – Seraphim Space Investment Trust confirms that it is buying a holding in Spire Global, Inc. from the Seraphim Space LP.
The intention to make this investment was set out in the IPO prospectus – following its IPO, Seraphim Space planned to buy four assets from the Seraphim Space Fund in exchange for newly issued ordinary shares in the company. This acquisition represents the first of those transactions to complete.
Spire is one of the leading pioneers of the nanosatellite market with over 100 satellites operational today, creating one of the world’s largest multi-purpose satellite constellations, which it uses to source hard to acquire, valuable data and enriches it with predictive solutions. Key markets include global weather forecasting, maritime and aviation. Spire recently successfully listed on the New York Stock Exchange through a merger with NavSight Holdings Inc (NYSE: SPIR).
In accordance with the relevant sale and purchase agreement entered into at the time of the IPO, the company has acquired for cash 1,105,520 shares in Spire valued at $10.2m and the partners of the Seraphim Space Fund have used all of this cash to subscribe for 7,418,890 new ordinary shares in the company at a price of 100p per share. These new ordinary shares rank pari passu (equal in all respects) with the existing ordinary shares in issue. The valuation is based on the volume-weighted average price per share for the interests owned by the Seraphim Space Fund in Spire for the five days trading from and including the date of Spire’s listing.
As a result of this issue, the total number of ordinary shares in issue now stands at 185,833,452 and the total number of voting rights in the company is 185,833,452. There are no shares held in treasury.
SSIT : Seraphim Space completes nanosatellite deal