Why Spire Global Stock Just Crashed 50%
Spire's biggest news of last year could become its worst news of this year.
Spire Global (NYSE: SPIR) stock crashed 49.7% through 11:11 a.m. ET Wednesday, and a lot of investors are wondering why right now. What the heck is going on? There's neither a single press release about this nor anything on the company's website to explain the disaster.
Lucky for you, I've found the answer.
In a Securities and Exchange Commission 8-k filing last night, Spire Global warned investors about a major risk to their investment. Remember how, back in November, Spire Global said it was selling its maritime ship-tracking business to Belgian analytics company Kpler? Remember that Spire was counting on Kpler to pay $241 million for the business and that Spire planned to use that money to pay off all its debts?
