During this phase, Spire will compete with three other companies to develop a Microwave Sounder for NOAA's Near-Earth Orbit Network (NEON) program. Following the completion of the 12-month contract, a single sounder from the finalists may be selected for additional contract phases that may lead to integration into NOAA's NEON program series of Low-Earth orbit (LEO) satellites, with the initial launch scheduled for no earlier than 2030.
The data collected from the final Microwave Sounder will be used towards advancing Earth observation, providing insights into various atmospheric properties such as temperature, humidity, cloud cover and composition.
"The NOAA LEOS program series is facilitating a new phase of Earth observation driven by technology, innovation and a commitment to understanding our planet's dynamic systems," said Chuck Cash, Vice President of Federal Sales at Spire. "We're proud to leverage Spire's expertise in satellite technology to advance Earth observation and empower meteorologists, scientists and researchers with more precise insights into atmospheric properties."
Spire Global effects 1-For-8 reverse stock split
In other news Spire Global, Inc. has announced that the 1-for-8 reverse stock split of the Company's Class A and Class B common stock will became effective on August 31, 2023. The Company's Class A common stock will begin trading on a split-adjusted basis at the opening of the market on August 31, 2023, under a new CUSIP number, 848560 306.
The 1-for-8 reverse stock split will reduce the number of outstanding shares of the Company's Class A common stock from 166,782,887 to approximately 20,847,860 and will reduce the number of outstanding shares of the Company's Class B common stock from 12,058,614 to approximately 1,507,325. Proportional adjustments will be made to the number of shares of Spire's Class A common stock subject to outstanding equity awards and warrants, as well as the applicable exercise price.
The purpose of the 1-for-8 reverse stock split is to increase the per share closing price of the Company's Class A common stock to meet the minimum average closing price requirement for listing on the New York Stock Exchange.
Information for Spire Stockholders
At the effective time of the reverse stock split, Spire stockholders will receive one new share of Company Class A or Class B common stock for every eight shares of Class A or Class B common stock held, as applicable. Record holders of Class A or Class B common stock will receive a transaction statement with respect to the exchange of such shares for post-reverse split shares. Equiniti Trust Company, LLC, the transfer agent for the Company's common stock, will act as the exchange agent, and may be contacted at (800) 937-5449.
Spire will not issue fractional shares that result from the reverse stock split. Any stockholders of Class A common stock who would have been entitled to receive fractional shares as a result of the reverse stock split will instead receive cash payments in lieu of such fractional shares. Any fractional shares of Class B common stock will be transferred to the Company for no consideration.
In connection with the reverse stock split, there will be no change to the total number of authorized shares of Company Class A or Class B common stock as set forth in the Restated Certificate of Incorporation of the Company.
For more information on the reverse stock split, please refer to Spire's proxy materials for the June 13, 2023 annual meeting of stockholders, which can be accessed through the investor relations portion of Spire's website at ir.spire.com/sec-filings and on the United States Securities and Exchange Commission's ("SEC") EDGAR website, sec.gov.
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