Spire Global Stock Spikes On Settling Litigation With Kpler, Retail Mood Brightens

Spire Global (SPIR) stock jumped 26.6% in extended trading on Tuesday after the company agreed to settle court proceedings against Kpler regarding the sale of the former’s maritime business.

The space-to-cloud data analytics firm had agreed to sell its maritime business in November, and the deal was expected to close in the first quarter.

However, Spire revealed in a regulatory filing in February that all closing conditions in the purchase agreement had been or could be satisfied. However, Kpler did not close the deal.

Spire had also revealed in the filing that the price at the transaction's closing was a cash payment based upon an enterprise value of $233.5 million, subject to customary adjustments. The offer also included a 12-month transition service and data provision agreement for $7.5 million.

On Feb. 10, Spire Global filed a complaint in the Delaware Court of Chancery against Kpler.

On Monday, Spire said that the two parties have agreed to resolve the foregoing litigation proceedings and mutually release claims if the deal closes by April 25.

Under certain circumstances, the deadline could be extended to April 30, it added.

Retail sentiment on Stocktwits jumped to ‘extremely bullish’ (88/100) territory from ‘bullish’(70/100) a day ago, while retail chatter soared to ‘extremely high.’

One retail trader said Monday’s disclosure was great news but largely expected before adding, “It's time to move on and up.”

Spire Global shares have fallen 47.1% year-to-date (YTD).

The company announced in March that it would launch two advanced AI weather models built on Nvidia’s technology.

Also See: Shell Stock Slips After Signaling Lower Q1 Gas Production, Retail Sits On The Fence

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on