Satellogic (NASDAQ:SATL) stock is getting a boost on Wednesday after announcing a launch agreement with Elon Musk’s SpaceX.
Satellogic is a geospatial company focused on sub-meter resolution Earth Observation (EO) data collection. Its agreement with SpaceX allows it to launch additional satellites into space to achieve that goal.
According to a press release, SpaceX will handle the launch of an additional 68 Satellogic satellites. It’s worth noting that this multi-launch agreement is for 2023 with Satellogic already having one in place with SpaceX for 2022.
Emiliano Kargieman, co-founder and CEO of Satellogic, said the following in the new release sending SATL stock higher today.
‘Today’s announcement ensures that we will be able to continue to launch our satellites as they are produced and that we remain on track to collect every square meter of the Earth’s surface every week in 2023, providing our customers with the most up-to-date, reliable high-resolution data source on a global scale.”
SATL stock is also seeing heavier trading than normal following the SpaceX news. As of this writing, more than 5 million shares of the stock have changed hands. That’s quite the increase over its daily average trading volume of only about 82,000 shares.
SATL stock is up 5% Wednesday morning after rallying higher than that in early morning trading.
Investors searching for all the latest stock market news are going to want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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