Nettar Group Inc., a satellite data collection company, said Tuesday it is going public by merging with special purpose acquisition corporation CF Acquisition Corp. V
CFV,
in a deal with a pro forma enterprise value of $850 million. The deal is expected to close in the fourth quarter and to trade on Nasdaq, under the new ticker "SATL." Nettar's patented camera design can capture 10 times more satellite data than any other small Earth Observation satellite, the companies said in a joint statement. The company has 17 commercial satellites in orbit, including four that were launched on June 30. "At 70 centimeters per pixel, the high-resolution images of Earth produced by Satellogic satellites add up to more capacity than the next four competitors combined," said the statement. The company will have cash of up to about $274 million once the deal closes after expenses and debt repayment, through the payment of up to $250 million held in the SPAC's trust, and a private investment in public equity, or PIPE, of $100 million led by SoftBank's SBLA Advisers Corp. and Cantor Fitzgerald, among other top-tier institutional investors.