SatixFy began trading with a valuation of $365 million, well below its original valuation of $632 million, which was cut from the original amount planned after it reduced its financial forecast.
Israeli satellite technology company SatixFy has begun trading on Wall Street after completing its merger with SPAC company Endurance Acquisition Corp. (Nasdaq: EDNC). SatixFy began trading with a valuation of $365 million, well below its original valuation of $632 million, which was cut from the original amount planned after it reduced its financial forecast.
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SatixFy develops products for the satellite communications industry. The company is now managed by CEO David Ripstein, who was previously CEO of Radcom and Green Road. He assume control from the late Yoel Gat, who began the SPAC merger process.
Ripstein said, “Our unique chips, antennas and satellite payloads are critical for scaling the performance of the new satellites while reducing their operational costs, making ‘everywhere, all-the-time’ communications practical for diverse types of customers and application. We are confident that this will drive growth for SatixFy, and create significant value and transparency for our existing and new customers.”
Published by Globes, Israel business news – en.globes.co.il – on October 30, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
David Ripstein credit: Tamat Matsafi
