08:11 AM EDT, 03/13/2025 (MT Newswires) -- Spire Global ( SPIR ) shares dropped 12% pre-bell Thursday after it said it signed a securities purchase agreement for a private placement with expected gross proceeds of approximately $40.0 million.

Under the terms of the deal, Spire said it is selling 5 million shares of its class A common stock at $8.00 each and $7.9999 per pre-funded warrant.

The company said the private placement is expected to close Friday.