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.
Titan Acquisition Corp has filed for a $240 million SPAC IPO, aiming to focus on opportunities in the finance and tech-enabled services industry. The blank-check company intends to list on the Nasdaq under the symbol “TACHU”, offering 24,000,000 units at $10.00 each, with the trust funded at 100.5%. The unit structure includes one-half of one...
Dune II (NASDAQ:IPODU) has filed for a $150 million IPO to give its young team a chance to go two-for-two with completed deals in its SPAC series. The Dune team had a tumultuous run in their first outing that eventually saw it combine with sustainable fuel developer Global Gas (OTC:HGAS) in 2023. Dune I was...
Siddhi Acquisition Corp has filed for a $200 million SPAC backed by the consumer-focused investment firm of the same name and becomes the second new SPAC to file with Santander since the start of the year. Like Santander’s earlier IPO for Live Oak V (NASDAQ:LOKVU), Siddhi is overfunding its trust to 100.5% with $10.05 per...
At the SPAC of Dawn SPAC teams bookended this past weekend with the filing of three new SPACs, collectively seeking to raise $640 million in capital. The new S-1 for Titan Acquisition Corp. (NASDAQ:TACHU) puts Cantor Fitzgerald back in the hunt among top underwriters for new SPACs filed in 2025. Two SPACs are also seeking...
Terms Tracker for the Week Ending March 7, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. It was an extremely quiet week on the SPAC front with no IPOs pricing, but there were three new S-1 filings. There was also only...