Satellogic Inc. (SATL) is experiencing a downturn in after-hours trading following the announcement of a new round of layoffs. The company, known for its satellite imagery services, has not disclosed the number of employees affected, but the news has raised concerns about its operational stability and future growth prospects. This development comes amid broader market volatility as investors digest economic data and anticipate the Federal Reserve's upcoming meeting.
Additionally, the SEC's recent charges against Cantor Fitzgerald for misleading SPAC disclosures have cast a shadow over Satellogic, which was involved in one of the SPAC mergers managed by Cantor. The SEC's findings revealed that Cantor had engaged in substantive discussions with Satellogic prior to its IPO, contrary to its public filings. This has added to the negative sentiment surrounding Satellogic, as investors reassess the implications of these regulatory issues.
Satellogic's stock is down 7.74% in after-hours trading, with the current price at $3.76, compared to the close price of $3.49 on December 12, 2024.