Astrocast, a Swiss firm developing tiny satellites that deliver internet access to all types of devices, is seeking as much as 50 million Swiss francs ($54 million) in a private placement ahead of a direct listing on the stock market, Bloomberg reports.
The company, which is backed by venture capital firm Adit Ventures, Airbus SE’s venture arm and the European Space Agency, is planning a direct listing of 30% to 40% of its shares in the third quarter, executives told the news organization. Astrocast plans to list on one of Euronext NV’s exchanges for small and mid-sized companies, though it hasn’t decided which one, they said.
Unlike Elon Musk’s Starlink satellite service — aimed at supplying high-speed internet to people who can’t be reached by fiber-optic cables — companies like Astrocast and Swarm Technologies Inc are putting up a constellation of tiny satellites, connecting a variety of devices, that could be the key to making the so-called Internet of Things work well. Read more.
