Wall Street closes at a record for the first time since end of January
Investing.com -- Spire Global (NYSE:SPIR) shares fell 20% Thursday after the company announced a $70.0 million private placement priced below the previous day’s closing level.
The satellite data provider entered into a securities purchase agreement to sell 5.0 million shares of Class A common stock at $14.00 per share. Shares had closed Wednesday at $20.50, making the offering price approximately 32% below the previous close.
The private placement is expected to close on or about April 10, 2026, subject to customary closing conditions. Craig-Hallum Capital Group served as the sole placement agent for the transaction.
Spire said it intends to use net proceeds for working capital and general corporate purposes. The company plans to accelerate growth in emerging opportunities in U.S. and international markets for space reconnaissance and government procurement of commercial space-based weather data.
The company also outlined plans to enhance sales and marketing capabilities, deploy technology for radio frequency geolocation and weather data solutions, and strengthen cyber security hardening of its infrastructure to support sovereign data and constellation opportunities.
Spire has a market capitalization of $686 million.
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