India, April 9 -- Shares of Spire Global, Inc. (SPIR) dropped over 13% on Thursday morning after it announced a private placement of $70 million.
The stock is currently trading at $17.76, down $2.74 or 13.36%, on the NYSE. It opened at $17.68 after closing the previous session at $20.50. The stock has traded between $6.60 and $19.09 over the past 52 weeks.
Spire Global announced a $70.0 million private placement, selling 5.0 million shares at $14.00 per share.
The company plans to use proceeds for working capital and to expand growth initiatives, including space-based data solutions, government contracts, and cybersecurity capabilities.
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