Completion of Investment in Spire Global, Inc.

RNS Number : 1855L

Seraphim Space Investment Trust PLC

09 September 2021

 

SERAPHIM SPACE INVESTMENT TRUST PLC

("Seraphim Space" or "the Company")

Completion of Investment in Spire Global, Inc.

Further to its announcement on 18 August 2021, Seraphim Space Investment Trust plc (LSE: SSIT), a closed-ended investment company which invests in a diversified international portfolio of early and growth-stage Space Tech businesses, is pleased to announce the acquisition of the holding of Spire Global, Inc. ("Spire") from the Seraphim Space LP ("Seraphim Space Fund").

As set out in the IPO prospectus, following its IPO Seraphim Space will acquire four assets from the Seraphim Space Fund for newly issued ordinary shares in the Company. This acquisition represents the first of those transactions to complete.

Spire is one of the leading pioneers of the nanosatellite market with over 100 satellites operational today, creating one of the world's largest multi-purpose satellite constellations, which it uses to source hard to acquire, valuable data and enriches it with predictive solutions. Key markets include global weather forecasting, maritime and aviation. Spire recently successfully listed on the New York Stock Exchange through a merger with NavSight Holdings Inc (NYSE: SPIR). 

In accordance with the relevant sale and purchase agreement entered into at the time of the IPO, the Company has acquired for cash 1,105,520 shares in Spire valued at $10.2m and the partners of the Seraphim Space Fund have used all of this cash to subscribe for 7,418,890 new ordinary shares in the Company at a price of 100p per share. These new ordinary shares rank pari passu with the existing ordinary shares in issue. The valuation is based on the volume-weighted average price per share for the interests owned by the Seraphim Space Fund in Spire for the five days trading from and including the date of Spire's listing.

As a result of this issue, the total number of ordinary shares in issue now stands at 185,833,452 and the total number of voting rights in the Company is 185,833,452. There are no shares held in treasury.

The above figure of 185,833,452 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Applications have been made to the Financial Conduct Authority (the "FCA") and the London Stock Exchange (the "LSE") for the admission of 7,418,890 new ordinary shares to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the LSE. Admission is expected to take place  at 8:00 a.m. on Friday 10 September 2021.

Mark Boggett, CEO of Seraphim Space (Manager) LLP, the Company's investment manager, commented:

"We are very proud to be part of the Spire success story, a company we first backed in January 2017 through their Series B bridge round and then every subsequent equity round through to their $1.2bn merger, which was facilitated by Seraphim. Our conviction remains strong for this business, especially as the $265m gross proceeds raised by Spire will allow it to further accelerate the growth of its category-defining business". 

Will Whitehorn, Chair of Seraphim Space, commented:

"Spire is disrupting the $14 billion weather data and forecasting market which is vital in the fight against climate change-induced extreme weather events.  It is a superb example of how Seraphim Space is backing the category leaders who are collectively building the new digital infrastructure in the sky, delivering capability that will help us address global scale challenges".

- Ends -

Media Enquiries

Seraphim Space (Manager) LLP (via SEC Newgate)
Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough  

SEC Newgate (Communications advisers)                                      [e-mail]  
Emma Kane / Clotilde Gros / Bob Huxford                                                         [phone]
 

Deutsche Bank 
Mark Hankinson / Neil Collingridge / Neil Coleman                                       [phone]
 

J.P. Morgan Cazenove
William Simmonds / Jérémie Birnbaum / Rupert Budge  [phone]
 

Ocorian Administration (UK) Limited  [e-mail]  

Eimear Coleman / Peter Davidson                                                                         [phone]

  Notes to Editors

About Seraphim Space Investment Trust

Seraphim Space Investment Trust is the world's first listed fund focused on Space Tech. The Company seeks exposure predominantly to early and growth stage private financed Space Tech businesses that have the potential to dominate globally and that are sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.

The Company listed on the Premium Segment of the London Stock Exchange on 14 July 2021, following an oversubscribed IPO raising £178.4 million.  Following the acquisition of Spire, it currently has exposure to 16 Space Tech companies and has agreed to acquire investments in a further three companies by 31 December 2021.

Seraphim Space Investment Trust is managed by Seraphim Space (Manager) LLP.

Further information is available at:  www.seraphim.vc

 

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