Latest news with #NirBarkan
Business Wire
23-05-2025
- Business
- Business Wire
SatixFy Shareholders Overwhelmingly Approve Proposed Acquisition by MDA Space
REHOVOT, Israel--(BUSINESS WIRE)-- SatixFy Communications Ltd. ('SatixFy' or the 'Company') (NYSE American: SATX), today announced that at a special meeting of shareholders (the"Meeting ') on May 23, 2025, holders of the majority of outstanding ordinary shares of SatixFy voted to approve the Agreement and Plan of Merger (the ' Merger Agreement ') with MDA Space Ltd. (' MDA Space '), as amended and announced on May 20, 2025, pursuant to which MDA Space agreed to acquire SatixFy in an all-cash transaction (the " Merger"). Over 99% of the Company's outstanding ordinary shares that were voted at the Meeting in person or by proxy were voted in favor of the adoption of the Merger Agreement and the Merger. "We are pleased that an overwhelming majority of SatixFy shareholders support our merger with MDA Space," said Nir Barkan, Chief Executive Officer of SatixFy. "This significant milestone in the process is confirmation of the shareholder value created by this strategic transaction, and of the strong strategic fit of SatixFy within MDA Space as the market continues to transition from analog to digital technologies.' Forward-Looking Statements This news release contains forward‐looking information within the meaning of applicable securities legislation, which reflects SatixFy's current expectations regarding future events. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the anticipated timing of completion of the Merger and closing; and statements made by the Chief Executive Officer of SatixFy. In particular, there can be no assurance that the Merger between MDA Space and SatixFy will be completed on the terms of the Merger Agreement, if at all. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of SatixFy, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information, including: approvals required in connection with the Merger; the satisfaction or waiver of the closing conditions of the Merger (if at all); adverse changes in applicable laws or regulations; results of operations and performance. While SatixFy considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Additional risks and uncertainties applicable include, but are not limited to, the factors discussed under 'Risk Factors' in SatixFy's Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on April 1, 2025, as amended, and other documents filed with or furnished to the SEC which are available on the SEC's website, SatixFy does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. About SatixFy SatixFy develops chips and systems that serve the full satellite communication value chain from gateways through payload subsystems and terminals. Our cutting-edge space grade chipset supports next-generation satellite communications systems, including satellite multi-beam digital space antennas, space processors flat panel user terminals and modems, based on powerful in-house designed chipsets. SatixFy's products include modems that feature Software Defined Radio (SDR) and Fully Electronically Steered Multi Beam Antennas (ESMA) that support the advanced communications standard DVB-S2X and RCS2. SatixFy's innovative ASICs improve the overall performance of satellite communications systems, reduce the weight and power requirements of terminals and payloads, and save real estate for gateway equipment. SatixFy's advanced VSATs and multi-beam fully electronically steered antenna arrays are optimized for a variety of mobile applications and services, prepared for multi-orbits LEO, MEO and GEO satellite communications systems, for aero/in-flight connectivity systems, communications-on-the-move applications and more. For more information, please visit About MDA Space Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The MDA Space team of more than 3,400 space experts in Canada, the US and the UK has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that's been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, MDA Space will take you there. For more information, visit SAT-COM
Business Wire
22-05-2025
- Business
- Business Wire
SatixFy Announces First Quarter 2025 Results
REHOVOT, Israel--(BUSINESS WIRE)-- SatixFy Communications Ltd. (the 'Company' or 'SatixFy') (NYSE American: SATX), a leader in next-generation satellite communication systems based on in-house-developed chipsets, has released its consolidated financial results as of and for the quarter ended March 31, 2025. Financial Highlights for the First Quarter of 2025 Total revenues for the first quarter of 2025 were $4.9 million, an increase of 158% compared to $1.9 million for the first quarter of 2024. Revenues from development services and preproduction were $4.0 million, an increase of 167% compared to $1.5 million in the same period of 2024. Revenues from the sale of products were $0.9 million, an increase of 122% compared to $0.4 million in the first quarter of 2024. Gross profit for the first quarter of 2025 was $2.9 million, an increase of 82% compared to $1.6 million for the same period in 2024. Gross margin for the quarter was 59%, compared to 83% in the first quarter of 2024. The first quarter of 2024 margin was particularly high due to delivery of high margin non-recurring engineering work. Operating loss for the first quarter of 2025 was $6.1 million, an improvement of 20% compared to $7.7 million in the first quarter of 2024, reflecting increased revenue. Expenses Breakdown: Research and development expenses, net ('R&D') for the first quarter of 2025 were $6.4 million, compared to $6.8 million for the same period in 2024. Gross R&D expenditure decreased by $0.9 million, mostly attributed to lower tape-out costs and post-silicon costs in the quarter compared with the first quarter of 2024. Additionally, net R&D expenses were impacted by a decrease in grants from the European Space Agency ('ESA') and UK Research and Development Expenditure Credit tax credits, which were recorded as offsets to R&D expenses of $0.9 million. Selling and marketing expenses for the first quarter of 2025 were $0.3 million, compared to $0.5 million in the first quarter of 2024. General and administrative expenses for the first quarter of 2025 were $2.3 million, compared to $1.9 million for the same period in 2024. Net loss for the first quarter of 2025 was $10.3 million, an improvement of 9% compared to $11.3 million for the first quarter of 2024, primarily as a result of increased revenue in the quarter. Cash and cash equivalents as of March 31, 2025, amounted to $7.8 million, compared to $14.4 million as of December 31, 2024. Nir Barkan, Chief Executive Officer of SatixFy, commented, 'We are pleased with the strong momentum we have shown in the first quarter, with revenue growing 158% year over year. We are also happy with our lower operating loss which decreased by 20% year over year, reflecting our improving revenue growth coupled with lower operating expenses.' Mr. Barkan continued, 'Our company is firmly positioned as the global leader in space-grade chip technology, with standout innovations like our advanced processor, digital multi-beam chip and unique solutions including landing stations and terminals. We have successfully stabilized and grown the business, and we are now looking forward to and on the path to an exciting new chapter.' About SatixFy SatixFy develops end-to-end next-generation satellite space and ground communications systems, including satellite multi beam digital antennas, user terminals and modems, based on powerful chipsets that it develops in house. SatixFy's products include modems that feature Software Defined Radio (SDR) and Fully Electronically Steered Multi Beam Antennas (ESMA) that support the advanced communications standard DVB-S2X. SatixFy's innovative ASICs improve the overall performance of satellite communications systems, reduce the weight and power requirements of terminals and payloads, and save real estate for gateway equipment. SatixFy's advanced Very Small Aperture Terminal and multi-beam fully electronically steered antenna arrays are optimized for a variety of mobile applications and services, using low earth orbit, Medium Earth Orbit and Geostationary satellite communications systems, for aero/in-flight connectivity systems, high-end communications-on-the-move applications, and more. SatixFy is headquartered in Rehovot, Israel with additional offices in the UK, US and Bulgaria. For more information, please refer to Forward-Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, SatixFy is using forward-looking statements in this press release when it discusses the company's momentum, position as the global leader in space-grade chip technology and that the path to an exciting new chapter. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among others: the Company's planned level of revenues and capital expenditures; the Company's available cash and its ability to obtain additional funding; the Company's ability to market and sell its products; legal and regulatory developments in the United States and other countries; the Company's ability to maintain its relationships with suppliers, distributors and other partners; the Company's ability to maintain or protect the validity of its patents and other intellectual property; political, economic and military instability in the Middle East, specifically in Israel; as well as those factors set forth in the Risk Factors section of the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on April 1, 2025 (the 'SEC'), as amended, and other documents filed with or furnished to the SEC which are available on the SEC's website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. SAT-FIN
Yahoo
22-05-2025
- Business
- Yahoo
SatixFy Announces First Quarter 2025 Results
REHOVOT, Israel, May 22, 2025--(BUSINESS WIRE)--SatixFy Communications Ltd. (the "Company" or "SatixFy") (NYSE American: SATX), a leader in next-generation satellite communication systems based on in-house-developed chipsets, has released its consolidated financial results as of and for the quarter ended March 31, 2025. Financial Highlights for the First Quarter of 2025 Total revenues for the first quarter of 2025 were $4.9 million, an increase of 158% compared to $1.9 million for the first quarter of 2024. Revenues from development services and preproduction were $4.0 million, an increase of 167% compared to $1.5 million in the same period of 2024. Revenues from the sale of products were $0.9 million, an increase of 122% compared to $0.4 million in the first quarter of 2024. Gross profit for the first quarter of 2025 was $2.9 million, an increase of 82% compared to $1.6 million for the same period in 2024. Gross margin for the quarter was 59%, compared to 83% in the first quarter of 2024. The first quarter of 2024 margin was particularly high due to delivery of high margin non-recurring engineering work. Operating loss for the first quarter of 2025 was $6.1 million, an improvement of 20% compared to $7.7 million in the first quarter of 2024, reflecting increased revenue. Expenses Breakdown: Research and development expenses, net ("R&D") for the first quarter of 2025 were $6.4 million, compared to $6.8 million for the same period in 2024. Gross R&D expenditure decreased by $0.9 million, mostly attributed to lower tape-out costs and post-silicon costs in the quarter compared with the first quarter of 2024. Additionally, net R&D expenses were impacted by a decrease in grants from the European Space Agency ("ESA") and UK Research and Development Expenditure Credit tax credits, which were recorded as offsets to R&D expenses of $0.9 million. Selling and marketing expenses for the first quarter of 2025 were $0.3 million, compared to $0.5 million in the first quarter of 2024. General and administrative expenses for the first quarter of 2025 were $2.3 million, compared to $1.9 million for the same period in 2024. Net loss for the first quarter of 2025 was $10.3 million, an improvement of 9% compared to $11.3 million for the first quarter of 2024, primarily as a result of increased revenue in the quarter. Cash and cash equivalents as of March 31, 2025, amounted to $7.8 million, compared to $14.4 million as of December 31, 2024. Nir Barkan, Chief Executive Officer of SatixFy, commented, "We are pleased with the strong momentum we have shown in the first quarter, with revenue growing 158% year over year. We are also happy with our lower operating loss which decreased by 20% year over year, reflecting our improving revenue growth coupled with lower operating expenses." Mr. Barkan continued, "Our company is firmly positioned as the global leader in space-grade chip technology, with standout innovations like our advanced processor, digital multi-beam chip and unique solutions including landing stations and terminals. We have successfully stabilized and grown the business, and we are now looking forward to and on the path to an exciting new chapter." About SatixFy SatixFy develops end-to-end next-generation satellite space and ground communications systems, including satellite multi beam digital antennas, user terminals and modems, based on powerful chipsets that it develops in house. SatixFy's products include modems that feature Software Defined Radio (SDR) and Fully Electronically Steered Multi Beam Antennas (ESMA) that support the advanced communications standard DVB-S2X. SatixFy's innovative ASICs improve the overall performance of satellite communications systems, reduce the weight and power requirements of terminals and payloads, and save real estate for gateway equipment. SatixFy's advanced Very Small Aperture Terminal and multi-beam fully electronically steered antenna arrays are optimized for a variety of mobile applications and services, using low earth orbit, Medium Earth Orbit and Geostationary satellite communications systems, for aero/in-flight connectivity systems, high-end communications-on-the-move applications, and more. SatixFy is headquartered in Rehovot, Israel with additional offices in the UK, US and Bulgaria. For more information, please refer to Forward-Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, SatixFy is using forward-looking statements in this press release when it discusses the company's momentum, position as the global leader in space-grade chip technology and that the path to an exciting new chapter. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among others: the Company's planned level of revenues and capital expenditures; the Company's available cash and its ability to obtain additional funding; the Company's ability to market and sell its products; legal and regulatory developments in the United States and other countries; the Company's ability to maintain its relationships with suppliers, distributors and other partners; the Company's ability to maintain or protect the validity of its patents and other intellectual property; political, economic and military instability in the Middle East, specifically in Israel; as well as those factors set forth in the Risk Factors section of the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on April 1, 2025 (the "SEC"), as amended, and other documents filed with or furnished to the SEC which are available on the SEC's website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. SAT-FIN UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands of USD) March 31, March 31, December 31, 2025 2024 2024 Audited ASSETS: CURRENT ASSETS: Cash and cash equivalents 7,810 10,056 14,433 Trade accounts receivable 3,275 1,266 3,905 Contract assets 1,291 3,451 1,486 Prepaid expenses and other 3,106 2,291 2,570 Government departments and agencies receivables 4,996 3,691 5,888 Related parties 70 108 46 Promissory notes - 11,420 - Inventory 1,738 1,604 1,279 Total current assets 22,286 33,887 29,607 NON-CURRENT ASSETS: Other long-term receivables - 2,000 - Right-of-use assets, net 1,522 2,027 1,679 Property, plant and equipment, net 2,825 1,539 2,284 Investment in Jet Talk Ltd 1,517 1,547 1,518 Long term deposits 182 184 186 Total non-current assets 6,046 7,297 5,667 TOTAL ASSETS 28,332 41,184 35,274 UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands of USD) March 31, March 31, December 31, 2025 2024 2024 Audited LIABILITIES AND SHAREHOLDERS' DEFICIT: CURRENT LIABILITIES: Trade payables 3,806 1,601 3,121 Current portion of long-term bank loans, net 70,944 - - Contract liabilities 223 1,086 186 ESA advance payments 1,073 3,174 1,264 Prepayment from customer 8,416 3,683 8,381 Advanced payments from MDA Ltd. against future orders 42,076 28,886 39,296 Lease liabilities 782 663 786 Other accounts payable and accrued expenses 4,782 5,425 8,340 Related parties 750 550 616 Total current liabilities 132,852 45,068 61,990 NON-CURRENT LIABILITIES: Long term loans from financial institutions, net - 62,702 67,691 Lease liabilities 1,202 1,832 1,392 Derivatives instruments liabilities 5,719 114 5,719 Liability for royalties payable 774 1,196 774 Total non-current liabilities 7,695 65,844 75,576 SHAREHOLDERS' DEFICIT: Share capital - - - Share premium 453,601 451,436 453,252 Capital reserves 1,444 1,444 1,444 Accumulated deficit (567,260) (522,608) (556,988) Total shareholders' deficit (112,215) (69,728) (102,292) TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT 28,332 41,184 35,274 UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands of USD) Three months ended March 31, 2025 2024 Revenues: Development services and preproduction 4,049 1,518 Sale of products 863 388 Total revenues 4,912 1,906 Cost of sales and services: Development services and preproduction 1,913 249 Sale of products 113 73 Total cost of sales and services 2,026 322 Gross profit 2,886 1,584 Research and development expenses, net 6,432 6,798 Selling and marketing expenses 322 525 General and administrative expenses 2,264 1,926 Loss from operations 6,132 7,665 Finance income - 48 Finance expenses (4,140) (3,662) Company's share in the loss of a company accounted by equity method, net - (4) Loss before income taxes (10,272) (11,283) Income taxes - - Loss for the period (10,272) (11,283) Total comprehensive loss for the period (10,272) (11,283) Basic and diluted loss per share (in dollars) (0.12) (0.14) Basic and diluted weighted average ordinary shares outstanding 86,849 83,423 View source version on Contacts Investor Contacts:Kenny Green & Ehud Helft, EK Global IR, satixfy@ Media Contact:Aviv Sax Nahamoni, info@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-04-2025
- Business
- Yahoo
MDA SPACE TO ACQUIRE SATIXFY COMMUNICATIONS
Vertical integration of SatixFy expected to further enhance the MDA Space end-to-end satellite offering as demand for digital constellations grows MDA Space to pay US$2.10 per SatixFy share, representing a 75% premium to SatixFy's share price on March 31, 2025 BRAMPTON, ON and REHOVOT, Israel, April 1, 2025 /CNW/ - MDA Space Ltd. (TSX: MDA), a trusted mission partner to the rapidly expanding global space industry, and SatixFy Communications Ltd. (NYSE American: SATX), a leader in next-generation satellite communication solutions based on in-house-designed chipsets, today jointly announced that they have entered into a definitive agreement (the "Transaction Agreement") under which MDA Space will acquire all outstanding shares of SatixFy in an all-cash transaction for US$2.10 per share. The transaction, which represents an equity value for SatixFy of approximately US$193 million (approximately C$278 million), is expected to further enhance the end-to-end satellite systems offering of MDA Space as demand for next generation digital satellite communications continues to accelerate. Next Generation Chipsets for Satellite Communications with Robust Patent Portfolio Founded in 2012, SatixFy is a supplier of cutting-edge semiconductors and solutions for the space and the satellite communications value chain. SatixFy's technology enables satellite broadband and direct-to-device constellations with its radiation hardened digital beamformers enabling them to generate hundreds of beams, designed to significantly improve satellite performance and decrease cost. SatixFy has invested approximately US$270 million in research and development to date, and once closed, the transaction will bring to MDA Space a differentiated technology portfolio including more than 60 patents issued and pending, as well as a talented and largely specialized technical employee base of approximately 165 people globally. In addition to chips to support satellite payload solutions and satellite communications, the SatixFy portfolio includes gateways, multi-beam digital antennas, user terminals and modems. "With this acquisition MDA Space is taking a logical next step to further reinforce our technical differentiation as the global market transitions from analog to digital satellite technology," said Mike Greenley, Chief Executive Officer of MDA Space. "Similar to MDA Space, SatixFy is an innovation company at its core, and bringing these two highly skilled teams together adds complementary expertise and technology that will allow us to further enhance our value proposition for current and future customers by providing vertically integrated and differentiated digital satellite solutions." "SatixFy has consistently aimed to revolutionize the market with digital chip-based solutions while establishing a world-leading space technology company. Joining MDA Space marks a significant milestone in that journey," said Nir Barkan, Chief Executive Officer of SatixFy. "This transaction is a testament to the innovation and dedication of our employees over the past decade. It will provide the scale, resources, and stability needed to continue delivering groundbreaking solutions for our customers." Strategic Highlights The market for software-defined digital satellite constellations is rapidly expanding, driven by increased demand for satellite-based broadband, direct-to-device connectivity and the Internet of Things. Market research firm NSR forecasts that over 89% of all communications satellites built in the ten years between 2023 and 2032 will include some level of software-defined technology. The acquisition of SatixFy is expected to enhance MDA Space's capabilities in this growing digital satellite communications market by: Adding complementary technology and a rich IP portfolio to enable end-to-end satellite communications solutions and expand offerings by combining MDA Space technology and capabilities in digital LEO and MEO satellites (MDA AURORATM) with SatixFy's space grade chips and communications systems; Vertically integrating a key and differentiated technology provider for MDA Space Satellite Systems business; Adding a highly specialized and complementary technical team to MDA Space; and Aligning the technology roadmap for MDA Space next generation software-defined digital satellites to continue to meet evolving needs of customers. Transaction Details MDA Space will acquire all outstanding ordinary shares of SatixFy for US$2.10 in cash per share, representing a 75% premium to SatixFy's closing price on March 31, 2025 and a 52% premium to SatixFy's 30-day volume weighted average price as of March 31, 2025. As part of the transaction, MDA Space also intends to retire SatixFy's existing debt of approximately US$76 million (approximately C$109 million) immediately upon closing, which represents a total cash consideration of approximately US$269 million (approximately C$387 million) for the transaction. The transaction is expected to be accretive to MDA Space adjusted earnings in 2027 which will represent the second full year of MDA Space ownership. The transaction is also expected to realize cost savings within 12 months of closing, primarily as a result of the vertical integration of space chips and the elimination of public company costs. The transaction is expected to close in the third quarter of 2025 subject to customary closing conditions and required regulatory approvals. Transaction Supported by Boards of Directors and Major SatixFy Shareholders The transaction has been unanimously approved by the Boards of Directors of MDA Space and SatixFy, as well as a Special Committee and the Audit Committee of SatixFy. Certain of SatixFy's directors, officers and significant shareholders, holding an aggregate of approximately 57% of the outstanding ordinary shares of SatixFy, have entered into voting support agreements in favour of the transaction. Additional Information The Transaction Agreement includes a 45-day go-shop period extending until May 16, 2025 (the "Go-Shop Period"), during which time SatixFy, with the assistance of its financial adviser, will, subject to the requirements and limitations set forth in the Transaction Agreement, including matching rights of MDA Space, be permitted to actively solicit, evaluate and enter into negotiations with third parties that express an interest in acquiring SatixFy with a view to obtaining a potential Superior Proposal (as defined in the Transaction Agreement). The Transaction Agreement includes customary break-fees in certain circumstances. The transaction is subject to, among other things, regulatory approvals and requires the affirmative vote of the holders of the outstanding SatixFy Shares, in accordance with the applicable voting requirements under the Israeli Companies Law at a shareholders' meeting of SatixFy expected to be held in the second quarter of 2025, as well as other customary closing conditions. Approval of the shareholders of MDA Space is not required. Advisors Citi is serving as exclusive financial advisor to MDA Space and Norton Rose Fulbright Canada LLP is serving as legal counsel to MDA Space. TD Cowen is serving as exclusive financial advisor to SatixFy and Goldfarb Gross Seligman & Co. and Sullivan & Worcester LLP are serving as legal counsel to SatixFy. Conference Call MDA Space will host a call and webcast to discuss the transaction on Tuesday, April 1, 2025 at 10:00 a.m. ET. Interested parties can join the call by dialing 416-945-7677 (Toronto area) or 1-888-699-1199 (toll-free North America) or +44-800-279-7040 (toll-free United Kingdom) and entering the conference ID 39693. A live webcast of the conference call and an accompanying slide presentation will be available at A replay of the conference will be archived on the MDA Space website following the call. Parties may also access a recording of the call which will be available until April 8, 2025, by dialing 1-888-660-6345 and entering the passcode 39693 #. Forward-Looking Statements This news release contains forward–looking information within the meaning of applicable securities legislation, which reflects MDA Space's and SatixFy's current expectations regarding future events. Forward-looking statements in this news release include, but are not limited to, statements with respect to: accretive financial, market and product synergies associated with the transaction; statements made herein (including with respect to NSR forecasts) with respect to the anticipated benefits (if any) of the transaction; the anticipated effect of the transaction on MDA Space's and SatixFy's future growth, costs, opportunities and strategy going forward; the consideration to be received by SatixFy's shareholders; the go-shop process during the Go-Shop Period (including receipt of any Superior Proposal and the resulting effects on MDA Space and the transaction consideration); the payment of a breakup fee by either party (if at all); compliance by MDA Space and SatixFy with various covenants contained in the transaction Agreement; the receipt of regulatory approvals and the satisfaction of the closing conditions of the transaction; the anticipated timing for SatixFy's shareholders' meeting and completion of the transaction; and statements made by the Chief Executive Officer of MDA Space and the Chief Executive Officer of SatixFy. In particular, there can be no assurance that the transaction will be completed on the terms described herein, if at all. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of MDA Space and SatixFy, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information, including: approvals required in connection with the transaction; compliance with the voting support agreements; the outcome and effects of the go-shop process; the satisfaction or waiver of the closing conditions of the transaction (if at all); adverse changes in applicable laws or regulations; delay or inability of MDA Space to pay the consideration contemplated by the Transaction Agreement; expected growth; results of operations; performance; industry trends and growth opportunities. While MDA Space and SatixFy consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Additional risks and uncertainties applicable to MDA Space include, but are not limited to, the factors discussed under "Risk Factors" in the MDA Space Annual Information Form (AIF) dated March 7, 2025 and available on SEDAR+ at Additional risks and uncertainties applicable to SatixFy include, but are not limited to, the factors discussed under "Risk Factors" in SatixFy's Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 29, 2024, as amended, and other documents filed with or furnished to the SEC which are available on the SEC's website, Neither MDA Space nor SatixFy undertakes any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In connection with this transaction, SatixFy intends to submit relevant materials to the SEC and other governmental or regulatory authorities, including a proxy statement and form of proxy card. Investors are urged to read these materials carefully when they become available because they will contain important information about SatixFy and this transaction. The proxy statement, proxy card and certain other relevant materials (when they become available) and any other documents submitted by SatixFy to SEC may be obtained free of charge at the SEC's website at Investors are urged to read the proxy statement and the other relevant materials carefully when they become available before making any voting or investment decision with respect to this transaction. ABOUT MDA SPACE Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The MDA Space team of more than 3,400 space experts in Canada, the US and the UK has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that's been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we'll take you there. For more information, visit ABOUT SATIXFY SatixFy develops chips and systems that serve the full satellite communication value chain from gateways through payload subsystems and terminals. Our cutting-edge space grade chipset supports next-generation satellite communications systems, including satellite multi-beam digital space antennas, space processors flat panel user terminals and modems, based on powerful in-house designed chipsets. SatixFy's products include modems that feature Software Defined Radio (SDR) and Fully Electronically Steered Multi Beam Antennas (ESMA) that support the advanced communications standard DVB-S2X and RCS2. SatixFy's innovative ASICs improve the overall performance of satellite communications systems, reduce the weight and power requirements of terminals and payloads, and save real estate for gateway equipment. SatixFy's advanced VSATs and multi-beam fully electronically steered antenna arrays are optimized for a variety of mobile applications and services, prepared for multi-orbits LEO, MEO and GEO satellite communications systems, for aero/in-flight connectivity systems, communications-on-the-move applications and more. 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Yahoo
05-03-2025
- Business
- Yahoo
UK Space Agency Awards SatixFy £1.8M for the Development of Advanced LEO Payload Software
REHOVOT, Israel, March 05, 2025--(BUSINESS WIRE)--SatixFy Communications Ltd. ("SatixFy" or the "Company") (NYSE American: SATX), a leader in next-generation satellite communication systems based on in-house-designed chipsets, today announced that it has secured funding of £1.8 million (approximately $2.3 million) from the UK Space Agency under its C-LEO program, for the development of an advanced software suite for digital satellite payloads. The funds will support SatixFy's development of advanced regenerative and digital beamforming software, addressing the increasing demand for software-reconfigurable satellite payloads. The software is designed for real-time control and monitoring of LEO/MEO/GEO payloads, whether based on DVB, 3GPP, or other waveform families. The software is expected to play a pivotal role in enabling highly flexible, adaptive, and intelligent satellite networks. Crucially, this software is being designed to seamlessly integrate with SatixFy's state-of-the-art Sx4000 regenerative processor ASIC and Prime 2.0 digital beamforming integrated circuits, which would broaden SatixFy's full solution offering. Together, these advanced chipsets and intelligent software are expected to provide satellite operators with a comprehensive, end-to-end solution—enhancing performance, efficiency and flexibility, while significantly reducing integration complexity and accelerating time-to-market. "We believe that this award from the UK Space Agency is a strong validation of SatixFy's core capabilities," commented Nir Barkan, Chief Executive Officer of SatixFy. "By leveraging our deep expertise in satellite communications, digital signal processing and radiation hardening semiconductor development, we believe that we are well-positioned to deliver a complete solution that extends beyond hardware into software-driven optimization. Completion of the development of this software, designed by SatixFy UK, would mark a strategic expansion of our portfolio—bridging the gap between advanced processing hardware and intelligent software to provide customers with a fully integrated, next-generation satellite communication solution." Dr. Craig Brown, Investment Director at the UK Space Agency, said: "Satellite mega-constellations are changing how people and businesses communicate across the globe, transforming markets in areas like maritime and aviation connectivity. This new project with SatixFy will develop advanced software that is flexible and adaptable to the evolving demands of new satellite systems. It is a key part of our plans to ensure the UK continues to benefit from the rapid growth of the global space sector." About the C-LEO program The C-LEO program is a UK Space Agency initiative aimed at advancing Low Earth Orbit (LEO) satellite technologies, ensuring that the UK space sector remains competitive in the rapidly evolving global market for low-earth orbit constellations. About SatixFy SatixFy develops end-to-end next-generation satellite communications systems, including satellite multi-beam digital space antennas, flat panel user terminals and modems, based on powerful in-house designed chipsets. SatixFy's products include modems that feature Software Defined Radio (SDR) and Fully Electronically Steered Multi Beam Antennas (ESMA) that support the advanced communications standard DVB-S2X and RCS2. SatixFy's innovative ASICs improve the overall performance of satellite communications systems, reduce the weight and power requirements of terminals and payloads, and save real estate for gateway equipment. SatixFy's advanced VSATs and multi-beam fully electronically steered antenna arrays are optimized for a variety of mobile applications and services, prepared for multi-orbits LEO, MEO and GEO satellite communications systems, for aero/in-flight connectivity systems, communications-on-the-move applications and more. SatixFy is headquartered in Rehovot, Israel with additional offices in the U.S., UK and Bulgaria. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, SatixFy is using forward looking statement in this press release when it discusses the potential benefits and advantages of the Company's products and software; the increasing demand for software-reconfigurable satellite payloads; strategic expansion of the Company's portfolio; that this new project will develop advanced software that is flexible and adaptable to the evolving demands of new satellite systems; and that this project is a key part of UK Space Agency's plans to ensure the UK continues to benefit from the rapid growth of the global space sector. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among others: the Company's planned level of revenues and capital expenditures; the Company's available cash and its ability to obtain additional funding; the Company's ability to market and sell its products; legal and regulatory developments in the United States and other countries; the Company's ability to maintain its relationships with suppliers, distributors and other partners; the Company's ability to maintain or protect the validity of its patents and other intellectual property; political, economic and military instability in the Middle East, specifically in Israel; as well as those factors set forth in the Risk Factors section of the Company's Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 29, 2024, and other documents filed with or furnished to the SEC which are available on the SEC's website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. SAT-COM View source version on Contacts Investor Contact:Kenny Green & Ehud Helft, EK Global IR, satixfy@ Media Contact:Aviv Sax Nahamoni, info@ Sign in to access your portfolio
