Satellite Imagery and Data firm BlackSky to Go Public through a Merger with Osprey

Satellite Imagery and Data firm BlackSky to Go Public through a Merger with Osprey

BlackSky is the newest space industry player to hop on the SPAC bandwagon. These agreements make it easier for private companies to go public and give them relatively easy access to financing.

Fremont, CA: BlackSky, a provider of satellite imagery and geospatial intelligence, has declared on February 18 it has signed a deal to go public through a merger with Osprey Technology Acquisition Corp.

Osprey is a special purpose acquisition firm. SPACs raise money from investors, collaborate with a privately held company that is then publicly traded.

The merger with Osprey would bring BlackSky a $450 million cash infusion. Once the company becomes public, its estimated value will be about $1.5 billion. Upon completion of the transaction, O'Toole said that Osprey will own a portion of the company, but the existing BlackSky shareholders will continue to hold majority control.

BlackSky is the newest space industry player to hop on the SPAC bandwagon. These agreements make it easier for private companies to go public and give them relatively easy access to financing.

BlackSky, based in Seattle and Herndon, Virginia, was established as a global monitoring company in 2014. It operates a constellation of small imaging satellites which orbit the Earth at high revisit rates. It also gathers data from satellites of other organisations and from open sources of information. The business uses artificial intelligence and machine learning tools to translate data into actionable insights.

Its satellites are developed by LeoStella, a joint venture with Thales Alenia Space. BlackSky has five satellites in orbit with plans to launch 25 more in the next few years. Additional satellites would allow 30-minute re-entry cycles. BlackSky is also designing a new satellite that will provide higher resolution images.

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