Edinburgh, 1 November 2022. – Next-generation satellite communication systems provider SatixFy Communications, has gone public by completing its business merger with Endurance Acquisition following stockholder approval and the satisfaction of customary closing conditions, SatixFy said.
Prior to the business combination, Endurance and SatixFy entered into an OTC (over-the-counter) Prepaid Forward Purchase Agreement. The latter calls for purchase and resale of up to 10 million class A shares, which SatixFy has agreed to. Following the merger, David Ripstein will continue to be SatixFy’s CEO, while Endurance’s CEO Richard Davis will join SatixFy’s Board of Directors.
Cantor Fitzgerald acted as Endurance’s capital markets advisor during the transaction having DLA Piper LLP as its legal counsel. Davis Polk & Wardwell LLP and Gross & Co served as SatixFy’s, while Morrison & Foerster LLP and Meitar Liquornik Geva Leshem Tal served as Endurance’s legal counsel.