By Chris Wack
Satellogic shares were up 33% at $5.22 after the company said it has expanded its contract with SynMax, a U.S. satellite data analytics firm.
The stock hit its 52-week high of $5.49 earlier in the session, and is up 122% in the past 12 months.
The integrated geospatial company said SynMax will leverage its high-frequency, high-resolution imagery to improve its Hyperion platform for oil and natural gas production monitoring for hedge funds and financial analysts.
Under the contract, Satellogic will triple the number of wellheads monitored by SynMax across North America to more than 100, providing imagery multiple times per week.
Satellogic also entered into a share-purchase agreement with a single institutional investor, where it will issue and sell 3.6 million in a private placement at $2.80 a share.
The company expects to see proceeds of $10 million, before deducting offering expenses. The company expects to use the proceeds from the offering for general corporate purposes.
The transaction is expected to close on or before Tuesday.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 09, 2024 10:01 ET (15:01 GMT)
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