BUZZ-Spire Global soars after litigation settlement agreement for maritime deal

Reuters

Apr 08

** Shares of satellite operator Spire Global SPIR.N up 25% to $9.35 early Tues after reaching agreement over disputed deal for its maritime business

** SPIR shares on course for biggest one-day pct gain since Mar 19, 2024

** Vienna, Virginia-based space-based data and analytics firm late Mon said in a filing it and Kpler will resolve ongoing litigation and mutually release claims, assuming maritime business sale closes by Apr 25

** Spire agreed to sell the maritime unit to Kpler for about $241 mln in Nov

** But in Feb, Spire filed a complaint that alleged Kpler breached its obligations under the purchasing contract

** Even with the advance on the session, SPIR shares have lost ~33% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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