Satellite company Satixfy (NYSE:SATX), which combined with Endurance Acquisition Corp. in October, announced in a 6-K this morning that it has waived the lock-up on 1,000,000 private placement warrants held by Cantor Fitzgerald.
Cantor provided a $1.5 million consideration to Satixfy for the change and it has already exercised 935,297 of these warrants on a cashless basis, receiving 553,692 shares.
These are to be eligible to be traded today and would be worth about $10.5 million at Satixfy’s market-opening price of $19.01. Satixfy closed Friday trading at $19.77, but slid off hours and is now down more than -25% near midday to $14.90.
Company shareholders and the other parties of Endurance’s sponsor are still subject to the deal’s 180-day lock-up for now. This is set to expire for both sides on April 27, 2023.
It is highly unusual for lock-ups to be prematurely unlocked for individual parties. At a time when few de-SPACs manage to capture immediate post-close trading enthusiasm, Satixfy has experienced several spikes, hitting a high of $79.21 on November 13.
The parties initially announced the business combination on March 8. The Rehovot, Israel-based company designs satellite communication systems based on chipsets developed in-house and is now a standout among space de-SPACs in terms of price performance.
Satixfy has not yet filed its first earnings report as a public company, but projected $10 million in revenue in 2022E in its investor presentation accompanying the deal’s announcement. It expects to hit EBITDA-positivity for the first time in 2024E with $15 million generated from $80 million in revenue that year.
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