CF Acquisition Corp. V (NASDAQ:CFV) has once again adjourned its special meeting without finalizing its shareholder vote to approve its merger with orbital imagery company Satellogic.
CFV originally adjourned its meeting on December 8, before moving it to today. CF V disclosed that it needs additional time to continue discussions regarding further financing for the post-combination company.
The SPAC has an estimated $250 million held in trust and had secured a PIPE at combination announcement of $100 million from investors including SoftBank’s SBLA Advisers Corp. and Cantor Fitzgerald. There is a minimum cash closing condition to this transaction of $225 million as well. Securing this additional financing would ensure that Satellogic starts off day-one as a public company with the necessary capital to execute on its business plan.
The shareholder vote will now be held on Thursday, December 30, 2021 at 9:00 a.m. EST.
The parties initially announced their $850 million combination on July 6. Buenos Aires-based Satellogic provides orbital imagery and analysis services with 17 satellites in operation around the Earth.
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