Satellogic Announces Upcoming Appointment of Six New Board Members
CHARLOTTE, N.C.--(BUSINESS WIRE)--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.
Contacts
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