Tomorrow.io has cancelled its plans to become a publicly listed company, citing poor market conditions.
The weather data vendor was set to merge with special purpose acquisition company (SPAC) Pine Technology Acquisition Corp., a deal that it initially announced in December 2021.
By going public, it hoped to fund the launch a constellation of 32 radar-equipped satellites, which would collect global precipitation data.
As part of the termination agreement, Tomorrow.io will pay Pine Technology $1.5m.
Throughout 2020 and 2021, many data vendors capitalised on strong market conditions to go public via SPACs or more traditional routes, including SimilarWeb, Otonomo and Spire Global.
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