Spire Global, Inc. (SPIR) announced on Thursday that it has signed agreements with two institutional investors to sell 2,142,858 shares of Class A common stock at $14.00 per share in a registered direct offering. Following the news the stock fell 19%.
This transaction is expected to generate roughly $30 million in gross proceeds, excluding placement agent fees and other expenses.
Additionally, the company has granted the investors an option to purchase up to 2,142,858 more shares of Class A common stock at $14.50 per share within 100 days of the offering's closure, which could yield an extra $31 million if exercised.
The net proceeds from the offering are earmarked for debt repayment, working capital, and general corporate use.
The offering is set to close around March 25, 2024.
SPIR is trading on the NYSE at $14.12, down 19.18% or $3.35 per share.
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