Spire Global Stock Is Surging Tuesday: What's Happening?

Spire Global Inc SPIR shares are trading higher Tuesday after the company announced that it reached an agreement to settle ongoing litigation.

What To Know: Spire Global entered into a share purchase agreement with Kpler Holdings in November to sell its maritime business to the company and enter into certain ancillary agreements. Spire said at the time that it expected the transaction to close in the first quarter.

Shares traded sharply lower in February after the company said it filed a complaint in the Delaware Court of Chancery alleging Kpler failed to close on the acquisition of its maritime business.

Spire Global argued that all conditions in the purchase agreement were satisfied or could be satisfied and noted that Kpler agreed to “use best efforts, and to take any and all actions necessary" to consummate the transaction.

“The Company believes that Buyer’s failure to close is not consistent with the terms of the Purchase Agreement, which do not give Buyer the option to delay closing once all closing conditions have been met," Spire Global said in February.

After the market close on Monday, the company announced that it reached an agreement with Kpler to resolve the foregoing litigation and mutually release claims if the closing of the deal occurs by April 25. The company noted that the date could be extended to April 30 under certain circumstances.

SPIR Price Action: Spire Global shares were up 20.1% at $8.98 at the time of publication Tuesday, per Benzinga Pro.

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This illustration was generated using artificial intelligence via Midjourney.