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BlackSky Is Now Trading After SPAC Merger Completion 

By | September 13, 2021

Photo: NYSE

Space-based geospatial intelligence company BlackSky is now trading on the New York Stock Exchange after completing its special purpose acquisition company (SPAC) merger on Sept. 9. BlackSky Holdings completed its merger with Osprey Technology Acquisition Corp. and the combined company has been renamed BlackSky Technology Inc.

BlackSky began trading as BKSY on Friday, Sept. 10. BKSY opened at $11.80 a share on Friday and closed the trading session at $11. Shares opened at $11 on Monday. 

The transaction brought in approximately $283 million in gross proceeds, with approximately $103 million in cash held in trust by Osprey and a $180 million PIPE. 

“Our team is excited that we have reached this major milestone on our first-to-know mission to lead a new era of real-time global intelligence. We are looking forward to this next chapter as a public company and the many opportunities that lie ahead in the new space economy,” said BlackSky CEO Brian O’Toole. 

BlackSky first announced its SPAC deal in February. The company has set ambitious targets for growth in its geospatial intelligence and global monitoring services. According to the investor presentation on the deal, BlackSky reported $22 million in revenue in 2020, expects $46 million in revenue this year, and forecasts $546 million in revenue in 2025. 

Recently, Artificial Intelligence software giant Palantir Technologies committed to an equity investment in BlackSky, and entered into a multi-year software subscription agreement with BlackSky, giving it access to the Palantir Foundry platform. BlackSky said it will now offer a combined solution that integrates Spectra AI with Palantir Foundry.