CF Acquisition Corp. V (CFV) Adjourns Vote for Satellogic Deal for Third Time
CF Acquisition Corp. V (NASDAQ:CFV) announced in a press release this morning that it has adjourned its special meeting to vote on its combination with orbital imagery company Satellogic.
This marks the third time CFV has adjourned the shareholder meeting citing it still needs additional time to continue discussions regarding further financing for the post-combination company. The SPAC originally adjourned its meeting on December 8, before moving it to December 20 and adjourning it once again. The meeting will now be held on Monday, January 24, 2022, at 11:00 a.m. EST.
CFV has an estimated $250 million held in trust and had secured a PIPE at combination announcement of $100 million from investors including SoftBank’s SBLA Advisers Corp. and Cantor Fitzgerald. There is a minimum cash closing condition to this transaction of $225 million as well.
The parties initially announced their $850 million combination on July 6. Buenos Aires-based Satellogic provides orbital imagery and analysis services with 17 satellites in operation around the Earth.
- J.P. Morgan is serving as exclusive financial advisor to Satellogic.
- Friedman Kaplan Seiler & Adelman LLP and Greenberg Traurig LLP serving as legal counsel to Satellogic.
- Cantor Fitzgerald & Co. is serving as financial advisor and capital markets advisor to CFAC V as well as placement agent on the PIPE
- Hughes Hubbard & Reed LLP serving as legal counsel to CFAC V.