Former Treasury Secretary Mnuchin Invests in Satellogic SPAC
Former U.S. Secretary of the Treasury Steven Mnuchin is investing $150 million in Earth imagery company Satellogic through private equity firm Liberty Strategic Capital, as part of the company’s deal to go public. Satellogic is in the midst of a business combination with special purpose acquisition company (SPAC) CF Acquisition Corp. V.
With Mnuchin’s investment, Satellogic is set to receive more than $265 million through the transactions. In exchange, Mnuchin will join Satellogic’s board of directors as non-executive chairman. Liberty will receive 20,000,000 Class A ordinary shares of Satellogic at $7.50 per share, as well as 5,000,000 warrants with a strike price of $10 per share and 15,000,000 warrants with a strike price of $15 per share.
“It is hard to overstate the importance of up-to-date, high resolution Earth imagery as an aid to decision making across a broad variety of contexts. As Satellogic builds out its network to provide daily remaps of the Earth’s surface at a low cost, we believe the company is well positioned to provide governments and businesses with the information they need to make better, more well-informed decisions with respect to a host of pressing problems,” commented Secretary Mnuchin, founder and managing partner of Liberty.
Satellogic’s SPAC deal close has been delayed multiple times because of discussions about additional financing. It was originally set to close by the end of 2021. The stockholder vote to approve the proposed merger is currently scheduled for January 24 and the merger is expected to close in the first quarter of 2022.