SatixFy Completes SPAC Merger

Satellite and pseudo-satellite services graphic from SatixFy
Image: SatixFy

SatixFy completed its SPAC merger with Endurance Acquisition Corp ($EDNC) last week, after shareholders voted to approve the deal Wednesday. The Israeli satcom company had its first day of trading on the New York Stock Exchange on Friday, Oct. 28, represented by the ticker $SATX.  

SatixFy 101

The company is a fabless chipmaker and developer of electronically steered antennas. It builds products ranging from satellite payloads to end-user terminals, and semi-recently unveiled a product that can connect commercial airliners and corporate jets with LEO, MEO, and GEO satellites. 

  • Yoel Gat, SatixFy’s founder and former CEO, passed away in April. He was a 40-year veteran of the satellite industry and also founded Gilat Satellite Networks. 
  • SatixFy’s HQ is in Rehovot, Israel, and the company has additional offices in the US, UK, and Bulgaria.

Financial details

In its March 2022 investor deck, SatixFy forecasts revenue jumping from $40M this year to $166M in 2024 (2021 revenues were $21.7M). But according to Israeli publication Globes, SatixFy slashed its 2022 revenue forecast by 75% this summer to ~$10M. 

SatixFy and Endurance, the SPAC it merged with last week, reduced the post-deal enterprise value of the combined business by 27%, from $500M to $365M in August. 

Via management

“This is an exciting time for the satellite communications industry, with the emergence of LEO megaconstellations creating a massive opportunity for SatixFy’s next-generation technologies,” said CEO David Ripstein. 

And then there was one…

SatixFy’s de-SPAC leaves just Intuitive Machines as the last space company seeking to go public via reverse merger. Tomorrow.io, a weather forecaster with a planned constellation in the works, and D-Orbit, a last-mile space transporter, both walked away from SPAC plans earlier this year, citing harsh macro conditions.

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