- Spire Global Inc. SPIR has secured a credit facility of $120 million from Blue Torch Capital. The proceeds will pay off an existing $71 million credit facility and continue developing Spire's four strategic growth pillars.
- "This credit facility helps de-risk the business and provides us with additional capital to invest in areas that are beneficial to the execution of our growth strategies as we drive towards our goal of being free cash flow positive in 21 – 27 months," commented CFO Thomas Krywe.
- The first tranche of funds, just over $100 million, is available upon closing. The remaining is held in an escrow account and will be made available once the company reaches funding conditions.
- Price Action: SPIR shares are trading higher by 5.22% at $1.41 on the last check Tuesday.
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