NavSight (NYSE:NSH) stock is getting a boost on Monday after the special purpose acquisition company (SPAC) announced merger plans with Spire Global.
Source: NESPIX / Shutterstock.com
Here’s everything potential investors in NSH stock need to know about the companies and their SPAC merger.
- NavSight is a blank-check company created with the purpose of taking a private company public via merger.
- The SPAC’s goal was to target a company offering “expertise and technology to U.S. government customers in support of their national security, intelligence and defense missions.”
- Spire Global is a company that provides space-based data to its customers collected from its network of more than 100 satellites.
- That includes “maritime, aviation, weather, and climate” information offered via its subscription services.
- The SPAC merger between NavSight and Spire Global values the combined company at $1.6 billion.
- It will also provide it with $475 million in gross proceeds.
- That comes from $230 million in cash held in trust by NavSight.
- To go along with that, an additional $245 million is coming from private investment in public equity (PIPE).
- The deal will result in current Spire stockholders owning a 67% stake in the new company.
- NavSight and Spire Global are expecting the deal to close in the summer of 2021.
- NSH stock is seeing heavy trading today alongside the SPAC merger news.
- That comes from more than 7 million shares trading as of this writing.
- For comparison, its daily average trading volume is only about 133,000 shares.
NSH stock was up 7.5% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
