SPACInsider Logo
Endurance Acquisition Corp. (EDNC) Adds Funding to Satixfy Deal Ahead of Vote
by Nicholas Alan Clayton on 2022-10-24 at 9:38am

Endurance Acquisition Corp. (NASDAQ:EDNC) announced in an 8-K this morning that it has added additional financing to its combination with satellite company Satixfy ahead of its completion vote October 25.

The new funds come 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.

Once the shares and payment have changed hands, the investor may sell shares on the open market and split proceeds from these sales with the combined company, the latter of which is to take 25% of proceeds. These payments are to stop once the the investor has received a 33.33% return on the original amount of capital put up in the arrangement.

As a part of the move, Satixfy has agreed not to issue any shares or sign any agreements that would exchange capital for shares until the agreement has been fully paid. The investor may also make sales of shares at prices that are to be reset monthly. The combined company is to pay the investor $1.50 per share that remains within the agreement three years out from closing.

This payment may be made in shares or cash and the maturity date will accelerate if company stock trades below $1.50 within one year of close or $2.50 within two years of close. The investor is also purchasing 250,000 shares on the open market and is to be owed a $500,000 break-up fee should this be terminated.

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.

 

Recent Posts
by Sam Beattie on 2022-12-02 at 7:10pm

Terms Tracker for the Week Ending December 2nd, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we slide into December, and the holiday season, we recognized two new S-1 registration statements and zero IPOs. The two new S-1s consisted of...

by Marlena Haddad on 2022-12-02 at 5:38pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...

by Marlena Haddad on 2022-12-02 at 4:38pm

Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...

by Marlena Haddad on 2022-12-02 at 11:38am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot  Embark Director Elaine Chao, Others Sued Over SPAC...

by Nicholas Alan Clayton on 2022-12-02 at 7:51am

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...

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