Satellogic, a Leader in Satellite Earth Imagery, to Go Public Through Merger with Cantor Fitzgerald’s CF Acquisition Corp. V

Proven leader in Earth Observation with vertically integrated platform, differentiated technology, and 17 commercial satellites in orbit, representing more capacity than the next four1 Earth Observation companies combined

Satellogic seeks to remap the entire surface of the Earth daily in sub-meter resolution and at an affordable price-point, creating unprecedented commercial applications within a $140 billion Total Addressable Market2 (“TAM”) opportunity

Transaction expected to allow Satellogic to scale its constellation, with the goal of reaching 300+ satellites by 2025, offering enhanced analytics capabilities for commercial, sustainability, and government applications through a live catalog of every square meter of Earth daily

Platform will provide vital information to power the conversation around global challenges including climate change, water and energy use, and food supply

Combination values Satellogic at an implied pro forma enterprise value of $850 million

Leading institutional investors committed to participate in the transaction through a PIPE of $100 million, including SoftBank's SBLA Advisers Corp. and Cantor Fitzgerald

NEW YORK — (BUSINESS WIRE) — July 6, 2021 — Nettar Group, Inc. (“Satellogic” or the “Company”), a leader in high-resolution satellite data collection, and CF Acquisition Corp. V (Nasdaq: CFV) (“CFAC V”), a special purpose acquisition company sponsored by Cantor Fitzgerald, announced today that they have entered into a definitive merger agreement that will result in Satellogic becoming a publicly traded company. The transaction is expected to be completed early in the fourth quarter of 2021, subject to regulatory approvals and other customary closing conditions. After closing, Satellogic will trade on the Nasdaq under ticker symbol SATL.

Changing the Way We See the Earth: Using its proven technology at scale, Satellogic will be positioned to remap the Earth daily in high resolution and at an affordable price-point, cementing the Company’s position as a leader in Earth imagery and fundamentally changing the way people access and use satellite data. The Company’s unique, patented camera design captures 10 times more data from a single satellite than any other small Earth Observation satellite. Satellogic currently has 17 commercial satellites in orbit, including four launched on June 30. At 70 centimeters per pixel, the high-resolution images of Earth produced by Satellogic satellites add up to more capacity than the next four competitors combined. Each satellite collects approximately 300,000 sq km of data per day, significantly more than any competitor, and produces full-motion videos of up to two minutes in length.

Delivering Data to Solve the World’s Most Pressing Problems: Satellogic was founded to help solve some of the greatest challenges of our time: resource utilization and distribution. From tradeoffs between food, energy and water supplies, to monitoring the impacts of natural disasters, global health and humanitarian crises in the midst of a looming climate emergency; access to a continually refreshed source of global, high-quality data is critical to confronting some of the world’s most crucial issues.

Highly Scalable, Vertically Integrated and Competitive Operating Model: Satellogic designs and manufactures every core component that goes into creating and manufacturing its satellites. This vertical integration provides a significant cost advantage, enabling Satellogic to produce and launch satellites for less than one-tenth the cost of its competitors, which buy components and use third-party assemblers. It also results in shorter R&D cycles and the ability to efficiently scale while maintaining overall quality. By comparison, Satellogic is achieving over 60 times better unit economics than its closest peers in the NewSpace sector, and more than 100 times better unit economics than legacy competitors.

Unparalleled Commercial and Government Applications: Satellogic’s vastly superior unit economics unlock the $140 billion+ TAM opportunity for Earth Observation commercial applications. Satellogic recently signed a multiple-launch agreement with SpaceX to deploy the full constellation of 300+ satellites, which it expects to complete by 2025. Once fully deployed, this will enable Satellogic to be the only company capable of remapping the world at resolutions as high as 30 centimeters and at the frequency required to address virtually all commercial applications.

Emiliano Kargieman, CEO & Co-Founder of Satellogic, said:

“Since our founding, Satellogic has been committed to our mission of democratizing access to geospatial data to help solve the world’s most pressing problems. Today’s transaction is a significant milestone and brings us one step closer to fulfilling that goal. The merger will allow us to continue building out our constellation of satellites and maintain our position as a global leader in sub-meter imagery. Satellogic is poised to be the only company capable of remapping the world daily at the sub-meter resolution necessary to address commercial applications affordably. We are grateful to our talented and ambitious team who have developed best-in-class technology, a strong track record of delivering satellites to orbit, and the ability to scale at near-zero marginal cost.”

Howard W. Lutnick, Chairman & CEO of CFAC V and Cantor Fitzgerald said:

“Satellogic is uniquely positioned to dominate the Earth Observation industry. Its technology, data, and analytics have vast use cases across countless industries. Imagine insurance companies being able to document disaster damage in real-time detail remotely. Or an app providing direct daily satellite data to a farmer about the best time to harvest crops. Or bringing live documentation of deforestation or rising sea levels to policymakers to drive the discussion around climate change. The possibilities are limitless. We are excited to partner with Emiliano and the rest of the Satellogic team as they endeavor to build and launch 300+ satellites in the constellation and unlock the significant opportunity for commercial applications to enable smarter global decision-making.”

Transaction Overview

On July 5, 2021, Satellogic entered into a definitive merger agreement with CFAC V. The transaction reflects an implied pro forma enterprise value of $850 million for Satellogic, representing a multiple of approximately 1.1x projected revenue of approximately $800 million by 2025.

The transaction is expected to result in cash on the balance sheet of up to approximately $274 million, after transaction expenses and debt repayment, through the contribution of up to $250 million of cash held in CFAC V’s trust account (assuming no redemptions by CFAC V’s public stockholders), and a concurrent PIPE offering of $100 million led by SoftBank's SBLA Advisers Corp. and Cantor Fitzgerald, among other top-tier institutional investors.

The transaction, which has been unanimously approved by the Boards of Directors of Satellogic and CFAC V, is subject to approval by CFAC V’s stockholders and other customary closing conditions.

Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be available in a Current Report on Form 8-K to be filed by CFAC V with the U.S. Securities and Exchange Commission (the “SEC”) and at


J.P. Morgan is serving as exclusive financial advisor to Satellogic, with Friedman Kaplan Seiler & Adelman LLP and Greenberg Traurig LLP serving as legal counsel to the Company. Cantor Fitzgerald & Co. is serving as financial advisor and capital markets advisor to CFAC V as well as placement agent on the PIPE, with Hughes Hubbard & Reed LLP serving as legal counsel to CFAC V.

Webcast and Presentation Information

Satellogic and CFAC V have posted a joint webcast to discuss the proposed transaction today, Tuesday, July 6, 2021 at 6:30 A.M. EST. The webcast, detailed investor presentation, and all other materials are available at Additionally, CFAC V has filed the investor presentation with the SEC as an exhibit to a Current Report on Form 8-K, which is available on the SEC’s website at

About CF Acquisition Corp. V

CF Acquisition Corp. V is a blank check company led by Chairman and Chief Executive Officer Howard W. Lutnick. CFAC V was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CFAC V focuses on industries where its management team and founders have experience and insights and can bring significant value to business combinations.

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