Small Cap Pops Premarket Following Acquisition Announcement
An Illinois-based tech company is turning heads so far during Tuesday's premarket after it was announced that MDA Space will acquire the company in an all-cash transaction for $193 million.
Seeing that this small cap closed with a market cap of just under $100 million on Monday, it's no wonder traders rushed to buy up shares of SatixFy Communications Ltd. (NYSE American:SATX) this morning, with shares currently bid at $1.98/share (+65.00% implied open for sellers) at the time of writing.
SatixFy Communications Ltd. develops end-to-end next-generation satellite communications systems. The company offers satellite payloads, user terminals, and modems. Its products include modems that feature software defined radio; fully electronically steered multi beam antennas; and very small aperture terminals and multi-beam fully electronically steered antenna arrays for various mobile applications and services. SatixFy Communications Ltd. was founded in 2012 and is headquartered in Rehovot, Israel.
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