BlackSky went public in September 2021. Photo: NYSE

Satellite imagery company BlackSky will execute a reverse stock split to raise its share price, the company announced Wednesday. 

BlackSky’s shareholders approved the 1-for-8 reverse split during an annual meeting on Sept. 4. The split will be effective at 4:15 p.m. ET on September 6.

Over the past six months, BlackSky’s stock has traded between $1.50 and 91 cents per share. Shares were down 20% on Thursday after the announcement to 89 cents per share. 

BlackSky went public three years ago in September 2021 amid the wave of special purpose acquisition company (SPAC) mergers. 

The company has grown revenue year-over-year with its satellite monitoring services. In 2023, revenue was $94.5 million — up 45% from 2022. This year, BlackSky expects revenue between $102 million and $118 million. 

However, the growth is not reaching revenue targets the company set out when it announced plans to go public in 2021. In a SPAC presentation from 2021, BlackSky projected $223 million in revenue by 2023.

A number of other space SPACs have hit financial roadblocks after going public during the pandemic. Terran Orbital was recently taken off the market when Lockheed Martin acquired the company as it ran out of cash, and the founders of launcher Astra took the company private for pennies on the dollar. Other companies like Spire Global and Momentus have also used reverse stock splits to raise share price.