Spire Global <\/b>used a reverse stock split on Thursday to raise its trading price over $1. This means that every 8 shares of Spire were merged to 1 share, reducing the number of outstanding Class A shares from 166,782,887 to approximately 20,847,860.<\/p>\n
Spire has been working to raise its share price since it was labeled at risk of being delisted in late March when its share price dipped below $1.The company\u2019s stock was trading at higher than $4 on Thursday. <\/p>\n
The company went public in the wave of special purpose acquisition companies (SPACs), and is now one of a few space SPACs to pursue reverse stock splits to raise the share price. Momentus did a reverse stock split last week, and Astra is considering one as well. <\/p>\n
Spire\u2019s business has grown rapidly, but the company is not profitable yet. In its most recent fiscal quarter, Spire reported a 37% year-over-year increase in quarterly revenue to reach $26.5 million, which was $2 million over its initial forecast. Its net loss was $16.3 million during the quarter, a 57% year-over-year improvement from the same period last year. The company is projecting operating cash flow to turn positive in the fourth quarter of this year.<\/p>\n
Spire recently hired a new CFO \u2014 Leo Basola, former senior finance officer of Equifax International.<\/p>\n
Correction: A previous version of this story cited 2022 financials. The story has been updated. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Spire Global used a reverse stock split on Thursday to raise its trading price over $1. This means that every 8 shares of Spire were merged to 1 share, reducing the number of outstanding Class A shares from 166,782,887 to approximately 20,847,860. Spire has been working to raise its share price since it was labeled […]<\/p>\n","protected":false},"author":1,"featured_media":52827,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-52826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/52826"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=52826"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/52826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/52827"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=52826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=52826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=52826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}