Spire Global hits over four-month low after announcing $40 million private placement

Spire Global's SPIR.N shares fall as much as 11.5%, hitting their lowest since late October

Virginia-based SPIR, a provider of space-based data, analytics and space services, announces $40 million private placement

SPIR is selling about 5 million shares or pre-funded warrants at $8 apiece

Purchase price represent a 22% discount to stock's last close

Craig-Hallum Capital was the sole placement agent for the private placement

SPIR has ~27.2 million shares outstanding for $279 million market cap - data compiled by LSEG

Co will use the proceeds for working capital and general purposes

Stock down 33% YTD after soaring 79.9% in 2024