Satellogic announces $30M strategic investment from Tether

Satellogic announced that Nettar Group, a wholly-owned subsidiary of the Company, entered into a Note Purchase Agreement led by Tether Investments Limited pursuant to which the Borrower agreed to issue floating rate secured convertible promissory notes in the aggregate principal amount of $30M to the Purchaser…The net proceeds from the Offering, after deducting transaction fees and other debt issuance costs, were approximately $27.6M . The Borrower has the ability to issue additional Secured Convertible Notes, provided the aggregate principal amount outstanding does not exceed $50M. “The proceeds from Tether’s investment in Satellogic will help advance our mission as we continue to focus on our U.S. strategy, the National Security market, and our global Space Systems opportunities,” said Emiliano Kargieman, CEO & Founder of Satellogic. “This new facility will provide necessary funding as we look to continue expanding in 2024,” added Rick Dunn, CFO of Satellogic. As noted above, the Borrower may issue additional Secured Convertible Notes under the terms thereof to other third parties, provided the aggregate principal amount outstanding does not exceed $50M. The Secured Convertible Notes mature on April 12, 2028.