U.S. Commerce Secretary Howard Lutnick no longer owns any shares of Satellogic, a Davidson-based company that provides high-resolution satellite images to governments and commercial customers worldwide.
Lutnick sold 13.38 million shares of Class A Common Stock and 533,333 warrants, according to an SEC filing.
Satellogic listed as a public company in late 2021 after a combination with CF Acquisition. a special purpose acquisition company sponsored by Cantor Fitzgerald. Shares initially traded in the $9.80 range, but have drifted mostly lower since then before rebounding over the past year.
On Monday, Lutnick, in his capacity as a trustee of a trust, closed the sale to trusts controlled by his son, Brandon Lutnick, of all voting shares of CF Group Management, the managing general partner of Cantor Fitzgerald. The aggregate sale price of the voting shares of CF Group Management was $200,000.
Lutnick had been the CEO of Cantor Fitzgerald. In May, he transferred his ownership in the New York-based investment firm to his adult children.
Lutnick had been on the board of Satellogic, but voluntarily resigned from that position on Nov. 25, 2024, after President Donald Trump nominated him to serve as Commerce Secretary. Lutnick had owned 10% of Satellogic, according to Investing.com.
Satellogic’s headquarters is an office building in Davidson. The company was founded in 2010 by Emiliano Kargieman and Gerardo Richarte, both of whom live in Argentia. As of Dec. 31, the company had 137 full-time employees, including 73 in Argentia, 28 in Spain, 11 in Uruguay and 11 in the U.S. and four other countries, according to its most recent annual report.
The company has posted more than $220 million in losses over the past three years, while revenue more than tripled to $12.9 million.
In 2024, the company eliminated 107 positions in a cost-cutting move. Last year, Satellogic had $12.9 million in revenue, up 28% from the year before.
Shares closed Tuesday at $3.63, up more than 27% since Jan. 1 and up 263% in the past year. In June, it was added to the U.S. small-cap Russell 3000 Index, which is widely used by investment managers and institutional investors. It has a market capitalization of about $383 million.