Satellogic Secures $10M Amid Explosive 378% Montly Gain
Monday's announcement by Satellogic (NASDAQ:SATL), saw the satellite-based Earth imaging provider, ink a share purchase deal with one institutional buyer With a private placement price of $2.80 per share, the business will issue and market 3.57 million Class A Ordinary Shares, therefore yielding around $10 million in gross proceeds.
Satellogic intends to spend the net proceeds from the transaction for general corporate needs. Expecting normal circumstances, the transaction is scheduled to conclude on or before December 10.
- Warning! GuruFocus has detected 6 Warning Signs with SATL.
The announcement falls during Satellogic's period of remarkable stock performance. Over the past month, shares have jumped 378%; the last five days alone show a 79% increase. Reflecting increased investor interest in the company's growth prospects, the stock has surged 265% over the past three months.
The private placement gives Satellogic more funding as it keeps growing its Earth imaging activities, thereby augmenting its trajectory. Recent performance of the stock indicates that it could potentially become a major participant in the satellite and space technologies industry.
This article first appeared on GuruFocus.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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