SPACInsider Logo
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.


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.
Recent Posts
by Marlena Haddad on 2022-12-08 at 5:35pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation   Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...

by Nicholas Alan Clayton on 2022-12-08 at 2:28pm

Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...

by Marlena Haddad on 2022-12-08 at 12:56am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...

by Marlena Haddad on 2022-12-08 at 12:50am

PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved