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.
ADVISORS
- 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.
Cohen Circle Acquisition Corp. II (NASDAQ:CCIIU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIIU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company in the financial services technology (fintech) sector and fintech adjacent sectors that...
Indigo Acquisition Corp. (NASDAQ:INACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “INACU”, Tuesday, July 1, 2025. The new SPAC plans to combine with an established, profitable company whose growth potential can benefit from its team’s expertise. Indigo’s management team is...
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...