Insider Brief:
- Satellogic Inc., a sub-meter resolution Earth Observation data collection company announced a $30 million investment from Tether Investments Limited.
- The funding, arranged by Satellogic’s subsidiary, Nettar Group, Inc., is set to support the company’s goals in advancing its U.S. strategy, particularly in the National Security market, and exploring global Space Systems opportunities.
- The investment comes in the form of floating rate secured convertible promissory notes, initially bearing interest at a rate of SOFR plus 6.50% per annum.
- Image credit: Satellogic.
Satellogic Inc., a sub-meter resolution Earth Observation data collection company announced a $30 million investment from Tether Investments Limited. The investment, facilitated through a Note Purchase Agreement, marks a strategic step for Satellogic’s growth plans in 2024.
The funding, arranged by Satellogic’s subsidiary, Nettar Group, Inc., is set to support the company’s goals in advancing its U.S. strategy, particularly in the National Security market, and exploring global Space Systems opportunities.
Emiliano Kargieman, CEO & Founder of Satellogic, expressed his optimism about the investment, stating, “The proceeds from Tether’s investment in Satellogic will help advance our mission as we continue to focus on our U.S. strategy, the National Security market, and our global Space Systems opportunities.”
Rick Dunn, CFO of Satellogic, highlighted the importance of the investment, stating, “This new facility will provide necessary funding as we look to continue expanding in 2024.”
The investment comes in the form of floating rate secured convertible promissory notes, initially bearing interest at a rate of SOFR plus 6.50% per annum. These notes are guaranteed by Satellogic and its material subsidiaries and are secured by a significant portion of the company’s assets, including intellectual property.
Moreover, the notes provide flexibility for Satellogic to issue additional secured convertible notes, provided the total does not exceed $50 million. They are convertible into shares of the company’s Class A ordinary share, subject to certain conditions including CFIUS Approval.
The investment also includes certain covenants and agreements between Satellogic and the Purchaser, ensuring both parties’ interests are protected.
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