{"id":54867,"date":"2022-08-25T00:00:05","date_gmt":"2022-08-24T16:00:05","guid":{"rendered":"https:\/\/wp-productionenv-bjg9h2g2bgg5b8aa.southeastasia-01.azurewebsites.net\/news\/satixfy-and-spac-sponsor-decrease-company-valuation\/"},"modified":"2022-08-25T00:00:05","modified_gmt":"2022-08-24T16:00:05","slug":"satixfy-and-spac-sponsor-decrease-company-valuation","status":"publish","type":"post","link":"https:\/\/starpath.global\/news\/satixfy-and-spac-sponsor-decrease-company-valuation\/","title":{"rendered":"SatixFy and SPAC Sponsor Decrease Company Valuation"},"content":{"rendered":"<\/p>\n<figure id=\"attachment_323531\" aria-describedby=\"caption-attachment-323531\" style=\"width: 719px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-323531\" src=\"https:\/\/www.satellitetoday.com\/wp-content\/uploads\/2021\/03\/SatixFySx3099.jpg\" alt=\"\" width=\"719\" height=\"380\" srcset=\"https:\/\/www.satellitetoday.com\/wp-content\/uploads\/2021\/03\/SatixFySx3099.jpg 719w, https:\/\/www.satellitetoday.com\/wp-content\/uploads\/2021\/03\/SatixFySx3099-300x159.jpg 300w, https:\/\/www.satellitetoday.com\/wp-content\/uploads\/2021\/03\/SatixFySx3099-378x200.jpg 378w\" sizes=\"(max-width: 719px) 100vw, 719px\"><figcaption id=\"caption-attachment-323531\" class=\"wp-caption-text\">SatixFy\u2019s 3099 processor chip, as presented on SatixFy\u2019s website.<\/figcaption><\/figure>\n<\/p>\n<p>Satellite technology company <b>SatixFy<\/b> <b>Communications<\/b> and special purpose acquisition company <b>Endurance Acquisition Corp.<\/b> reduced the equity valuation of SatixFy to $365 million. The SPAC partners announced the change in filings to the <b>Securities and Exchange Commission<\/b> on Aug. 23.&nbsp;<\/p>\n<p>This figure refers to the current, pre-SPAC equity valuation of SatixFy. The company was previously valued at $500 million in the original business combination.<\/p>\n<p>This adjustment also changes the valuation of the post-SPAC combined company. The pro forma equity valuation of SatixFy when the transaction is complete is estimated to approximately $653 million, assuming no redemptions, according to SatixFy\u2019s recent F-4 SEC filing. This is a reduction from the previous post-SPAC valuation estimated at $813 million, when the SPAC deal was first announced in March.&nbsp;<\/p>\n<p>SatixFy noted that Endurance\u2019s board of directors did not obtain a third-party valuation or fairness opinion to approve the business combination.<\/p>\n<p>SatixFy, headquartered in Israel, is a vertically integrated fabless semiconductor chip company that offers products based on its own chipsets. The company produces chips, software, modem and digital beamforming antenna products in-house. It has agreements in place with Telesat, OneWeb, ST Engineering iDirect, and Airbus.&nbsp;<\/p>\n<p>SatixFy recently named David Ripstein, formerly of GreenRoad Technologies and Radcom to lead the company as CEO, succeeding industry veteran Yoel Gat, former CEO and co-chairman, who died in April.&nbsp;<\/p>\n<p>The wave of space companies that used SPAC mergers to go public including Rocket Lab, Spire, and BlackSky, has cooled down. Earlier this year, Tomorrow.io paid $1.5 million to its sponsor to terminate the SPAC deal and earlier this month, Breeze Holdings and Italian space logistics company D-Orbit canceled their planned merger due to a change in the financial markets.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SatixFy\u2019s 3099 processor chip, as presented on SatixFy\u2019s website. Satellite technology company SatixFy Communications and special purpose acquisition company Endurance Acquisition Corp. reduced the equity valuation of SatixFy to $365 million. The SPAC partners announced the change in filings to the Securities and Exchange Commission on Aug. 23.&nbsp; This figure refers to the current, pre-SPAC [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-54867","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/54867"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=54867"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/54867\/revisions"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=54867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=54867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=54867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}