BlackSky prices $40M Public Offering of Common Stock

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BlackSky prices $40M Public Offering of Common Stock

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BlackSky prices $40M Public Offering of Common Stock
by Clarence Oxford
Los Angeles CA (SPX) Sep 26, 2024
BlackSky Technology Inc. (NYSE: BKSY) has announced the pricing of its upsized public offering, where it will sell 10,000,000 shares of its Class A common stock at $4.00 per share. This offering is expected to generate gross proceeds of approximately $40 million before deducting underwriting discounts, commissions, and other related expenses.

All shares in the offering are being sold by BlackSky. The company has also given underwriters a 30-day option to purchase up to an additional 1,500,000 shares, potentially increasing the total proceeds. The offering is slated to close on or around September 26, 2024, subject to customary closing conditions.

The proceeds from this public offering will likely bolster BlackSky's plans for growth, particularly in expanding its satellite constellation and enhancing its AI-powered geospatial data analytics platform. The move follows strong demand for the company's real-time intelligence services, which have become increasingly essential for industries relying on satellite imagery and data.

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