TAMPA, Fla. — Spire Global has launched legal action to force Belgian analytics provider Kpler to complete the acquisition of a small satellite operator’s commercial ship tracking business.
Vienna, Virginia’s Spire Global, said in a regulatory filing on February 11 that KPLER had not made its way into the deal announced in November.
The company initially expected to close the transaction in the first quarter of 2025 with regulatory approval.
However, Spire Global said it filed a complaint with the Delaware Chance Court against Kpler after the company refused to enter into a transaction.
“There are currently no government orders banning closures. In the purchase agreement, the buyer “consent to use their best efforts and take all necessary measures and all claimed by the relevant government entities. “We agreed to eliminate obstacles to Spire Global to enable parties to quickly close the transaction,” the regulator said in a regulatory filing.
The company did not respond to requests for comment.
Accounting complications
In addition to acquiring Spire Global’s maritime customer agreement, Kpler was due to pay $7.5 million over 12 months for migration services and data.
Spire Global operates more than 100 spacecrafts, and this agreement does not include any satellites or part of the operation.
The company had planned to use revenue to clear its outstanding debt of approximately $100 million and strengthen its financial position to invest in the weather, aviation and radio frequency geolocation data business.
The decision to sell commercial maritime operations came months after Spire Global agreed to pay a waiver fee to avoid defaulting credit features with Blue Torch Capital.
Spire Global also said in a regulatory filing that it does not expect to meet the NYSE’s February 19 deadline.
This delay is attributed to a review of the company’s accounting practices, particularly the way it records revenues from hosted payload services.
Spire Global is in discussions with the NYSE for an extension and expects applications to be submitted by late February or early March, but says it will reduce the risk if additional time is not available. Ta.
