(Bloomberg) -- Shares of Satellogic Inc., which uses satellites to map the earth, jumped on its first day of trading under the SATL ticker following a merger with a blank-check company from Cantor Fitzgerald. 

The stock rose by as much as 6.9% to $9.25 per share after the close of the transaction. The company, which was founded by Argentines, is looking to use the proceeds of the deal to expand its satellite network to more than 300 by 2025, its founder Emiliano Kargieman said in July. 

With the merger, Satellogic will receive gross proceeds of around $262 million, according to a statement. That includes proceeds from a trust account held by the blank-check company and a private placement of $100 million led by SoftBank’s SBLA Advisers Corp. and Cantor Fitzgerald, among others. 

Gross proceeds also include a $150 million private placement announced last week by former U.S. Treasury Secretary Steven Mnuchin’s private equity firm Liberty Strategic Capital. The transaction is expected to close in February.

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