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Tag: public offering

Herndon satellite company BlackSky to go public

Herndon- and Seattle-based global monitoring company BlackSky announced Thursday it will go public following its acquisition by Osprey Technology Acquisition Corp., a transaction that values the combined company at $1.1 billion.

Under the transaction, the special purpose acquisition corporation will merge with the Herndon company. BlackSky’s shareholders will own 62% of common shares of the merged company. It will trade on the New York Stock Exchange under the ticker symbol BKSY. 

Founded in 2014, BlackSky provides satellite imaging services using machine learning, artificial intelligence, computer vision and natural language processing.

“This transaction fully funds our growth plans and accelerates our vision of providing our customers with a ‘first-to-know’ advantage,” BlackSky CEO Brian O’Toole said in a statement. “This is an important inflection point for our industry as commercial and government users demand access to real time information about the changes that matter most to them.”

The transaction is expected to close in July. Other investors in the deal include Tiger Global Management, Mithril Capital, Hedosophia and Senator Investment Group.

 

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Reston telemedicine company goes public

Reston-based telemedicine technology provider SOC Telemed on Monday opened at $10 per share on the Nasdaq stock exchange. The company announced its public offering on Friday following its merger with Healthcare Merger Corp. (HCMC), a special purpose acquisition company.

Merger transaction details were not disclosed.

“Today marks an important milestone for SOC Telemed in our pursuit of delivering rapid access to virtual specialty care when patients are at their most vulnerable,” SOC Telemed CEO John Kalix said in a statement. “Virtual care is a critical component of today’s health care industry and SOC Telemed is well-positioned to accelerate its penetration of the broad and fast-growing acute telemedicine market. I am confident in our ability to expand and benefit from the trends that are driving rapid adoption of telemedicine.”

Stockholders approved the merger at a special meeting on Oct. 30. SOC Telemed trades as TLMD on the Nasdaq. The company is led by CEO John Kalix and Chief Operating Officer and Chief Financial Officer Hai Tran. Steve Shulman, HCMC’s former CEO, will serve as chairman of the SOC Telemed Board of Directors.

“Today marks a tremendous opportunity for the SOC Telemed team and the future of virtual care,” Paul Ricci, who served as interim CEO prior to the merger, said in a statement. “With its solid technology platform, an enhanced leadership team and now rapid access to capital, SOC Telemed is ready to serve the continued demand for acute telemedicine.”

 

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Strategic Education Inc. to raise $191.5M through public stock offering

Herndon-based education company Strategic Education Inc. announced Thursday that it plans to raise $191.5 million through a public stock offering. 

The company, through Aug. 10, will offer for sale 1.9 million shares of its common stock at a public offering price of $105 per share. Strategic Education intends to use some of the proceeds to fund part of its proposed acquisition of Laureate Education Inc.’s Australia and New Zealand operations, which the company announced July 29 it would buy for $642.7 million in cash.

If the proposed acquisition does not finalize, then Strategic Education will use the proceeds for general corporate purpose, which could include other acquisitions, according to the company statement. The transaction is subject to closing conditions and regulatory approvals, but is expected to close by the first quarter of 2021. SunTrust and Bank of America have also agreed to expand Strategic Education’s existing revolving credit facility from $250 million to $350 million, according to the company. 

Strategic Education’s subsidiaries include Strayer College and Capella University.

The online education provider reported nearly $1 billion in revenue last year at $997.1 million.

 

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