What Happened to Satellogic?
Ticker: SATLSPAC Year: 2021Merger: 2022
Return
-88.0%
Current Price
$1.2
Peak Price
$14
Trust Size
$250M
Summary
Argentine satellite imaging company that went public via Cantor Fitzgerald SPAC. Crashed 88% as the commercial satellite market proved far smaller than promised.
What Happened
Satellogic merged with CF Acquisition Corp V in January 2022. The company operates a constellation of sub-meter resolution Earth observation satellites. It promised to make satellite imagery affordable for every business on Earth. But the commercial market for satellite imagery is dominated by established players like Maxar and Planet Labs. Revenue never materialized at scale â under $10M annually vs $100M+ projected. The stock fell from $14 to barely above $1.
Key People
Timeline
2021-07
SPAC merger announced
2022-01
Merger completed
2022-06
Stock falls 60%
2023-06
Revenue far below projections
2024-01
Stock at $1.20, delisting warnings