New appointments to Board of Directors will
enhance Satellogic’s leadership and expertise as company prepares
for public listing
Members to bring extensive relevant experience
from NASA, Boeing, Google, Cloudera, Massachusetts Institute of
Technology, Caterpillar and MercadoLibre
Satellogic, a leader in sub-meter resolution satellite imagery
collection, today announced the upcoming appointment of six new
members to the company Board of Directors, collectively bringing
decades of public company experience, technical expertise and
commercial capabilities to guide the company through its public
listing and beyond. The members, Jenette Ramos, Marcos Galperin,
Brad Halverson, Dr. Dava Newman, Tarun Bhatnagar and Robert Bearden
will join incoming Chairman Ted Wang and Satellogic CEO Emiliano
Kargieman on the board, which will be effective upon the company’s
upcoming public listing.
“These upcoming additions to our board have impressive
backgrounds spanning astronautics, engineering, manufacturing,
audit, scaling and public listing, and will help drive the company
to its mission of democratizing access to geospatial data. We are
grateful for their commitment to the company as we continue to
build out our constellation of satellites to remap the entire
surface of the Earth daily,” said Emiliano Kargieman, Satellogic
CEO.
Jenette Ramos, former Senior Vice President in charge of
Manufacturing, Supply Chain and Operations at Boeing, will help
steer the roll-out of Satellogic’s high-throughput manufacturing
facility and roll out of the satellites. During her tenure at
Boeing, Jenette was named the project manager of Boeing’s first
environmental lab, and in 2017, Jenette was named Asian American
Executive of the Year by the Society of Asian Scientists and
Engineers. She previously served on the board of the Nature
Conservancy of Washington and the National Organization of
Disability.
Marcos Galperin is the founder, CEO and Chairman of
MercadoLibre, and will assist in guiding Satellogic as a publicly
listed company through his experience listing MercadoLibre as the
first Latin American technology company on the Nasdaq. Marcos
co-founded MercadoLibre in 1999 while attending Stanford University
and has managed the business for over 20 years. Marcos is the
Chairman of the Board at Globant and serves as a board member at
Televisa, Onappsis and Endeavor.
Brad Halverson is the former CFO of Caterpillar, and will chair
the Audit Committee at Satellogic. He currently serves on the board
of directors of Sysco Corporation, where he is the Lead Independent
Director and chairs the Audit Committee. Under his leadership at
Caterpillar, the company underwent a significant restructuring,
emerging with a strong balance sheet and financial metrics. Prior
to serving as CFO, Brad had served in various roles rising from a
Staff Accountant to Vice President of the Financial Services
Division.
Dr. Dava Newman is the Apollo Program Professor of Astronautics
at the Massachusetts Institute of Technology (MIT) and a faculty
member of Harvard-MIT Health, Sciences and Technology program. Dava
will assist Satellogic with her deep experience with space
exploration and building data products for machine learning
purposes. Dava is the former deputy administrator at NASA, served
as principal investigator on four spaceflight missions, and has
authored more than 300 publications. She is also a founder of
EarthDNA, a non-profit organization committed to implementing AI
and machine learning for enhanced understanding of global metrics
and accelerated positive change for global sustainability.
Tarun Bhatnagar, former VP of Payments at Google, joins the
board with 25 years of experience in the high-tech industry, and
will focus on developing Satellogic’s data as a service product.
Tarun’s career journey has focused primarily on scaling businesses
and he brings a deep product expertise to the board as Satellogic
navigates the unique challenge of launching a completely new
product to revolutionize an industry. In his role at Google, he was
responsible for the Payments P&L across the US and led the
ecosystems and partnerships teams for the region. Prior to that,
Tarun was the VP of Geo Enterprise Business & Cloud
Manufacturing Solutions, where he helped found Google's Geo
Enterprise offering.
Robert Bearden is Chief Executive Officer of Cloudera Inc. and
will bring decades of industry experience in open source software
to the Satellogic board. Rob will assist with the software
licensing business and helping unite the vision and mission of the
company with the strategy and underlying plan. Rob was the
co-founder of Hortonworks, a publicly traded open-source company
that merged with Cloudera in 2019, and also served as President and
COO of SpringSource and COO of JBoss until its acquisition by Red
Hat in 2006. He also serves as Chairman of the Board at Nlyte
Software.
The new members will join incoming Chairman Ted Wang, partner at
Cowboy Ventures, and former partner at Fenwick & West. Ted is
also a board member of several other companies including Drata,
Vic.ai, SVT Robotics and Contra. He, along with Satellogic CEO
Emiliano Kargieman, will complete the eight-person Board of
Directors.
These appointments will come as Satellogic lists as a public
company through a proposed business combination with CF Acquisition
Corp. V (Nasdaq: CFV) (“CFAC V”), a special purpose acquisition
company sponsored by Cantor Fitzgerald. The transaction, which is
expected to allow Satellogic to build out its constellation of
satellites and maintain its position as a global leader in
sub-meter imagery, is projected to close in the fourth quarter of
2021. After closing, Satellogic will trade on the Nasdaq under
ticker symbol “SATL.”
About Satellogic
Founded in 2010 by Emiliano Kargieman and Gerardo Richarte,
Satellogic is the first vertically integrated geospatial company,
driving real outcomes with planetary-scale insights. Satellogic is
building the first scalable, fully automated Earth Observation
platform with the ability to remap the entire planet at both
high-frequency and high-resolution, providing accessible and
affordable solutions for customers.
Satellogic’s mission is to democratize access to geospatial data
through its information platform to help solve the world’s most
pressing problems including climate change, energy supply, and food
security. Using its patented Earth imaging technology, Satellogic
unlocks the power of Earth Observation to deliver high-quality,
planetary insights at the lowest cost in the industry.
With more than a decade of experience in space, Satellogic has
proven technology and a strong track record of delivering
satellites to orbit and high-resolution data to customers at the
right price point.
To learn more, please visit: http://www.satellogic.com
About CF Acquisition Corp. V
CF Acquisition Corp. V is a blank check company led by Chairman
and Chief Executive Officer Howard W. Lutnick. CF 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. CF V focuses on industries
where its management team and founders have experience and insights
and can bring significant value to business combinations.
About Cantor Fitzgerald
CF V is sponsored by Cantor Fitzgerald. Cantor Fitzgerald, with
over 12,000 employees, is a leading global financial services group
at the forefront of financial and technological innovation and has
been a proven and resilient leader for over 70 years. Cantor
Fitzgerald & Co. is a preeminent investment bank serving more
than 5,000 institutional clients around the world, recognized for
its strengths in fixed income and equity capital markets,
investment banking, SPAC underwriting and PIPE placements, prime
brokerage, commercial real estate and for its global distribution
platform. Cantor Fitzgerald & Co. is one of the 24 primary
dealers authorized to transact business with the Federal Reserve
Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor,
having completed multiple initial public offerings and announced
multiple business combinations through its CF Acquisition platform.
For more information, please visit: www.cantor.com.
Additional Information
This press release relates to a proposed transaction between
Satellogic and CF V. In connection with the transaction described
herein, CF V, Satellogic and/or a successor entity of the
transaction has filed relevant materials with the SEC, including an
effective registration statement on Form F-4, which includes a
prospectus of Satellogic and a proxy statement of CF V. The
definitive proxy statement was sent to all CF V stockholders.
Satellogic, CF V and/or a successor entity of the transaction will
also file other documents regarding the proposed transaction with
the SEC. Before making any voting or investment decision,
investors and security holders of Satellogic and CF V are urged to
read the registration statement, the proxy statement/prospectus and
all other relevant documents filed or that will be filed with the
SEC in connection with the proposed transaction as they become
available because they will contain important information about the
proposed transaction.
Investors and security holders will be able to obtain free
copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by Satellogic, CF V or any successor
entity of the transaction through the website maintained by the SEC
at www.sec.gov.
The documents filed by CF V with the SEC also may be obtained
free of charge upon written request to CF Acquisition Corp. V, 110
East 59th Street, New York, NY 10022 or via email at
CFV@cantor.com. The documents filed by Satellogic or any successor
entity of the transaction with the SEC also may be obtained free of
charge upon written request to Satellogic USA, Inc., 210 Delburg
St., Davidson, NC 28036.
Participants in the Solicitation
Satellogic, CF V and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from CF V’s stockholders in connection with the proposed
transaction. A list of the names of such directors and executive
officers, and information regarding their interests in the business
combination and their ownership of CF V’s securities are, or will
be, contained in CF V’s filings with the SEC, and such information
and names of Satellogic’s directors and executive officers are also
in the registration statement on Form F-4 filed with the SEC by
Satellogic.
Non-Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of CF V, Satellogic or any successor entity of the transaction, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended (the
“Securities Act”).
Forward-Looking Statements
This press release contains “forward-looking statements,”
including statements regarding the proposed transaction between CF
V and Satellogic. Such forward-looking statements include, but are
not limited to, statements regarding the closing of the transaction
and CF V’s, Satellogic’s or their respective management teams’
expectations, hopes, beliefs, intentions or strategies regarding
the future. The words “anticipate”, “believe”, “continue”, “could”,
“estimate”, “expect”, “intends”, “may”, “might”, “plan”,
“possible”, “potential”, “predict”, “project”, “should”, “would”
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. These forward-looking statements are based on
CF V’s and Satellogic’s current expectations and beliefs concerning
future developments and their potential effects on CF V, Satellogic
or any successor entity of the transaction and include statements
concerning (i) leadership changes, (ii) Satellogic’s ability to
scale its constellation, (iii) Satellogic’s ability to meet image
quality expectations and continue to offer superior unit economics,
(iv) Satellogic’s ability to become or remain an industry leader,
(v) Satellogic’s ability to address all commercial applications for
satellite imagery or address a certain total addressable market,
(vi) expectations regarding cash on the balance sheet following
closing of the Business Combination and the PIPE offering and
whether such cash will be sufficient to meet Satellogic’s business
objectives and (vii) the expected timing of closing the
transaction. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. These statements are based on
various assumptions, whether or not identified in this press
release. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by, an investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of CF V and
Satellogic. Many factors could cause actual future events to differ
materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk that the
transaction may not be completed in a timely manner or at all,
which may adversely affect the price of CF V’s securities, (ii) the
failure to satisfy the conditions to the consummation of the
transaction, including the adoption of the merger agreement by CF
V’s stockholders, the satisfaction of the minimum trust account
amount following any redemptions by CF V’s public stockholders and
the receipt of certain governmental and regulatory approvals, (iii)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the merger agreement, (iv)
the inability to complete the PIPE offering, (v) the effect of the
announcement or pendency of the transaction on Satellogic’s
business relationships, operating results and business generally,
(vi) risks that the transaction disrupts current plans and
operations of Satellogic, (vii) changes in the competitive and
highly regulated industries in which Satellogic operates,
variations in operating performance across competitors and changes
in laws and regulations affecting Satellogic’s business, (viii) the
ability to implement business plans, forecasts and other
expectations after the completion of the transaction, and identify
and realize additional opportunities, (ix) the risk of downturns in
the commercial launch services, satellite and spacecraft industry,
(x) the outcome of any legal proceedings that may be instituted
against Satellogic or CF V related to the merger agreement or the
transaction, (xi) volatility in the price of CF V’s or any
successor entity’s securities due to a variety of factors,
including changes in the competitive and highly regulated
industries in which Satellogic operates or plans to operate,
variations in performance across competitors, changes in laws and
regulations affecting Satellogic’s business and changes in the
combined capital structure, (xii) costs related to the transaction
and the failure to realize anticipated benefits of the transaction
or to realize estimated pro forma results and underlying
assumptions, including with respect to estimated stockholder
redemptions, (xiii) the risk that Satellogic and its current and
future collaborators are unable to successfully develop and
commercialize Satellogic’s products or services, or experience
significant delays in doing so, (xiv) the risk that Satellogic may
never achieve or sustain profitability, (xv) the risk that
Satellogic may need to raise additional capital to execute its
business plan, which many not be available on acceptable terms or
at all, (xvi) the risk that the post-combination company
experiences difficulties in managing its growth and expanding
operations, (xvii) the risk that third-party suppliers and
manufacturers are not able to fully and timely meet their
obligations, (xviii) the risk of product liability or regulatory
lawsuits or proceedings relating to Satellogic’s products and
services, (xix) the risk that Satellogic is unable to secure or
protect its intellectual property and (xx) the risk that the
post-combination company’s securities will not be approved for
listing on The Nasdaq Stock Market LLC or another stock exchange or
if approved, maintain the listing. The foregoing list of factors is
not exhaustive. You should carefully consider the foregoing factors
and the other risks and uncertainties described in the “Risk
Factors” section of the registration statement on Form F-4 and
proxy statement/prospectus discussed above and other documents
filed or to be filed by CF V, Satellogic and/or or any successor
entity of the transaction from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Satellogic and CF V assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither Satellogic nor CF V gives any assurance that
either Satellogic, CF V or the combined company will achieve its
expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211222005118/en/
Investor Relations: MZ Group Chris Tyson/Larry
Holub (949) 491-8235 SATL@mzgroup.us Media Relations:
Satellogic pr@satellogic.com FTI Consulting Rachel
Chesley / Antonia Gray Satellogic@fticonsulting.com
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