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Satellogic Gains on First Day After Blank-Check Merger

  • Stock rises as much as 6.9% before fade in midmorning trading
  • Company gets $262 million proceeds to expand satellite network
Satellogic satellites

Satellogic satellites

Source: Satellogic
Updated on

Shares of Satellogic Inc., which uses satellites to map the earth, jumped on its first day of trading under the SATL ticker following a merger with a blank-check company from Cantor Fitzgerald. 

The stock rose by as much as 6.9% to $9.25 per share after the close of the transaction. The company, which was founded by Argentines, is looking to use the proceeds of the deal to expand its satellite network to 202 by 2025, according to the company’s latest estimates.