Spire Global, Inc. has completed its business combination with NavSight Holdings, Inc. to take Spire public, a merger first announced in March.
Renamed Spire Global, Inc., the combined company and its shares will start trading on the New York Stock Exchange on Aug. 17 under the ticker symbol “SPIR” for Spire common stock and “SPIRW” for Spire warrants.
“We are excited to embark on our next chapter as a public company, and to continue to inspire, lead, and develop the business of space-based data,” said CEO Peter Platzer.
Platzer and the rest of the Spire management team will continue to lead the company’s operations, and as part of the business combination, NavSight Chief Financial Officer Jack Pearlstein will join Spire’s board of directors.
“Jack and I are excited to support Peter and his team as Spire continues to execute on its strategic growth plan as a public company,” said Bob Coleman, chairman and CEO of NavSight.
And as a public company, Spire is strengthening its position as a space-powered data, analytics and space services company.
“Building upon our fully deployed, proprietary satellite constellation and global infrastructure, we are focused on strengthening our ability to provide our customers with more data, faster, so that they can make better informed decisions about their missions and businesses, as well as some of the most pressing issues facing humanity today, including climate change mitigation and adaptation,” Platzer said.
Once the merger closed, the combined company received approximately $265 million in gross proceeds, composed of approximately $20 million in cash held in trust by NavSight and the proceeds of a $245 million PIPE. To memorialize the completion of the business combination, Spire rang the opening bell at the New York Stock Exchange on Aug. 17.