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Spire Global Shares Gain Premarket After Announcing Myriota Partnership

Sam Boughedda trader
Updated 22 Sep 2021

Space-based data, analytics, and space services company Spire Global (NYSE: SPIR) shares are up slightly premarket on Wednesday following the announcement of a partnership with Myriota.

Myriota provides long battery life satellite connectivity for the Internet of Things (IoT).

The partnership will see Myriota use Spire Space Services to quicken its global service deployment timeline, extending the Myriota Network using Spire low-earth orbit nanosatellites. 

Myriota will use Spire's existing satellite platform, with the companies planning to quickly increase Myriota’s coverage to a global, low latency constellation and expand its existing coverage in various regions.

Australia-based Myriota is the first commercial, IoT-focused customer of Spire.

“We’re proud our satellites and technology are ready to seamlessly help Myriota make smart devices more accessible to everyone,” said Theresa Condor, Executive Vice President, General Manager of Space Services and Earth Intelligence at Spire. 

“Australia is a hotbed of innovative companies, and it’s gratifying to help a leading satellite connectivity provider go to market quickly and scale up efficiently,” added Condor.

Spire Global's stock price is currently trading at $15.85, up 3.8% premarket and adding to Tuesday's 17.9% gains. 

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.