Spire Global risk ‘broadly overblown,’ says Craig-Hallum

Craig-Hallum analyst Jeff Van Rhee notes that Spire Global (SPIR) disclosed that they have filed suit against Kpler, the pending buyer of the company’s Maritime business for $234M, to force closure of the deal and also disclosed that restated financials are likely to be completed by the end of February or early March, beyond the February 19 NYSE listing deadline. The divestiture being in question is sparking concerns about debt, but the firm views the risk as “broadly overblown” given that the fundamental momentum in the underlying business is “strong,” says the analyst, who maintains a Buy rating and $20 price target on Spire shares.