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Endurance Acquisition Corp. (EDNC) Shareholders Approve Satixfy Deal
by Marlena Haddad on 2022-10-26 at 7:17am

Endurance Acquisition Corp. (NASDAQ:EDNC) announced this afternoon that its shareholders approved its combination with satellite company Satixfy at a special meeting held yesterday.

The SPAC announced in an 8-K at the beginning of the week that it has added additional financing to its deal in the form of a prepaid forward transaction wherein the investor will purchase up to 10,000,000 shares. This facility is to function similarly to a backstop with the total number of shares involved linked to Endurance redemptions and the investor is to pay the company an amount equal to the SPAC’s redemption price.

It has not yet divulged its initial redemption figures, but the average redemption rate for SPACs reaching close since the midpoint of the year is 84.8%. To get out ahead of the market, Endurance made a pair of amendments to its deal over the summer. The changes reduced Satixfy’s equity value by -55% to $365 million, down from $813 million at announcement and also waived the deal’s minimum cash condition.

The parties initially announced their business combination on March 8. The Rehovot, Israel-based company designs satellite communication systems based on chipsets developed in-house.

Satixfy is now working to be a technology supplier in the growing networks for space-based 5G coverage in collaboration with the UK Space Agency and the European Space Agency.


  • Barclays Capital Inc. is serving as the exclusive financial advisor and acting as capital markets advisor to SatixFy.
  • Truist Securities, Inc. is serving as financial advisor to Endurance.
  • Cantor Fitzgerald is acting as capital markets advisor to Endurance.
  • Barclays and Cantor Fitzgerald & Co. are also acting as placement agents on the PIPE.
  • Davis Polk & Wardwell LLP and Gross & Co are representing SatixFy as legal counsel.
  • Morrison & Foerster LLP and Meitar Liquornik Geva Leshem Tal are representing Endurance as legal counsel.
  • DLA Piper LLP (US) is acting as placement agent counsel.
  • King & Spalding LLP is acting as counsel to CF Principal Investments LLC in connection with the Committed Equity Facility.
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