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.
At the SPAC of Dawn Another day, another wave of trade war news as US President Donald Trump has announced fresh 25% tariffs on all imported automobiles on April 3 in addition to the new customs duties expected to come into force on April 2. These moves cut across a wide swath of SPAC target...
Armada Acquisition Corp. II has filed for a $200 million SPAC to combine with a fintech, SaaS or AI company with nearly the same team top-to-bottom that just completed its first SPAC combination in that space. The filing is Cohen & Company’s seventh of the year as left-lead underwriter and Northland Capital Markets is stepping in...
HCM II (NASDAQ:HOND) has entered into a definitive agreement to combine with nuclear reactor developer Terrestrial Energy at a pro forma equity value of $1.3 billion. Charlotte, North Carolina-based Terrestrial is developing unique molten salt nuclear reactors designed to generate enhanced heat outputs for industrial client processes. The combined company is expected to trade on...
At the SPAC of Dawn Rain or shine, legal challenges for SPACs do not appear to be going anywhere. Cornerstone Research found this week that the number of securities class action lawsuit settlements increased +6% in 2024 and suits targeted at SPACs or de-SPACs represented 19% of this total. On the plus side, the median...
At the SPAC of Dawn A new conservative stock with meme potential is further taking shape as the market finds its footing this week. Firearms marketplace GrabAGun nominated its Board that will take their seats after the company completes its combination with Colombier II (NYSE:CLBR) anticipated later this summer. This Board includes Donald Trump Jr.,...