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.
Terms Tracker for the Week Ending November 22, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally broke the DeSPAC announcement drought exactly 30 days from the last DeSPAC announcement with Hudson Acquisition I Corp.’s news they had reached the...
Hudson I (NASDAQ:HUDA) has signed a definitive agreement to combine with EV maker Aiways Europe at an equity value of $410 million. Munich, Germany-headquartered Aiways Europe is developing a line of EV SUVs for the European market with support from an affiliate manufacturer in China. The combined company is expected to trade on the Nasdaq...
The clearest theme for the changes to come under the incoming Trump administration is lower taxes domestically and trade barriers abroad. And, the election’s impacts on the investment climate have been broadly favorable to SPACs, but this policy-making direction could have detrimental impacts on SPAC deals themselves. That’s because international targets have made up an...
At the SPAC of Dawn Activity has been picking up in SPACland after a sleepy start to the month, but the biggest news for the this corner of the market is not SPAC-specific. SEC Chair Gary Gensler announced his intention to resign on January 20. His resignation press release touted the $21 billion in penalties...
Deals and Amendments Arogo Capital (OTC:AOGO) has received notice that its merger target Ayurcann Holdings (CSE:AYUR) has terminated their business combination citing a breach on behalf of the SPAC. Ayurcann expects to be paid a $250,000 breakup free from Arogo. News and Rumors PR: Smart TV firm Innovid (NYSE:CTV), which combined with ION 2 in...