Photo: Spire Global.

Spire Global has filed a complaint in court against Kpler for not closing on the purchase of Spire’s maritime business. 

Spire announced the deal with data and analytics platform Kpler in November of 2024, to sell its maritime business in a $241 million deal that would pay off all of Spire’s debt. The deal did not include any of Spire’s satellite network or operations. 

However, Spire disclosed in a Feb. 11 filing to the Securities and Exchange Commission (SEC) that Kpler has not closed on the deal, which was supposed to close during this fiscal quarter. According to the filing, Spire believes all conditions to close the contract have been met, and Kpler has cited “various reasons for declining to close, which [Spire] has rejected.” 

Spire has filed a complaint in the Delaware Court of Chancery seeking a declaratory judgement that the company breached its obligations and is not excused from closing the deal. 

The company said this could impact its ability to pay off a financing agreement, and Spire issued a “going concern” disclosure about its ability to continue business for at least 12 months. 

Spire reported $19.2 million of cash on hand as of Dec. 31, 2024. With the expected delay in closing the deal, Spire said it intends to see equity or debt financing and other strategies.