Spire Global Inc (NYSE:SPIR) shares are sinking in Tuesday’s after-hours session after it filed a complaint against Kpler Holding.

What Happened: In a new filing released after the market close on Tuesday, Spire Global announced that it filed a complaint in the Delaware Court of Chancery alleging Kpler failed to close on the acquisition of Spire’s maritime business.

Spire Global entered into a purchase agreement with Kpler in November to sell its maritime business for a cash payment based on an enterprise value of $233.5 million. The company said at the time that it expected the transaction to close in the first quarter.

Spire Global said it believes all conditions in the purchase agreement have been satisfied or could be satisfied. The company also noted that Kpler agreed to "use best efforts, and to take any and all actions necessary” to consummate the transaction.

“The Company believes that Buyer's failure to close is not consistent with the terms of the Purchase Agreement, which do not give Buyer the option to delay closing once all closing conditions have been met,” Spire Global said in the filing.

See Also: Lyft Q4 Earnings: Revenue Beat, Gross Bookings Up 15%, New Buyback — ‘Our Biggest Competition Is Inertia’

As a result, Spire Global asked the courts to order Kpler to satisfy the purchase agreement obligations and close the deal.

“There is no assurance as to what action the Delaware Court of Chancery will take with respect to the proceeding initiated by the Company and there is no assurance as to whether or not the Transactions will be consummated on the terms contemplated or at all,” the company said.

Price Action: Spire Global shares were down 43.8% at $11.15 in Tuesday’s after-hours session at the time of publication, per Benzinga Pro.

Now Read:

• Trump Says We Will ‘Take Gaza’ And ‘Cherish It’ In White House Meeting With Jordan’s King Abdullah

This illustration was generated using artificial intelligence via Midjourney.