BlackSky has announced plans to go public via a special purpose acquisition company (SPAC) merger with Osprey Technology Acquisition (NYSE:SFTW) and SFTW stock is on the rise.
Here’s everything potential investors in SFTW stock need to know about the company and the upcoming SPAC merger.
- Osprey Technology Acquisition is a blank-check company created by investment firms HEPCO Capital Management and JANA Partners.
- JANA Partner David DiDomenico serves as the president, director and CEO of the company.
- It was created with the goal of taking a company that “developed innovative software delivery platforms” public.
- The SPAC merger will see BlackSky taking over the public company.
- This would also result in shares of SFTW stock changing over to the new BKSY stock ticker.
- BlackSky is a “provider of real-time geospatial intelligence and global monitoring services.”
- It was founded in 2014 and is led by CEO Brian O’Toole.
- The SPAC merger values the company at $1.1 billion.
- Blacksky should emerge from the merger with $450 million in net proceeds to make use of.
- That comes, in part, from $318 million held in trust from Osprey Technology Acquisition.
- Another $180 million comes from a private investment in public equity (PIPE).
- The BlackSky SPAC merger has the unanimous support of both companies’ Boards of Directors.
- Now it just needs approval from shareholders and regulators.
- So long as there are no troubles, the deal is expected to close in July 2021.
- Heavy trading of SFTW stock today has seen more than 13 million shares change hands.
- That’s quite the jump from its daily average trading volume of about 194,000 shares.
SFTW stock was up 27.8% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.