Endurance Acquisition today in an 8-K filing said it has amended its merger agreement with satellite communication systems company SatixFy, including a 55% reduction in the deal’s equity value to $365 million, down from $813 million when announced in March.
The SPAC’s sponsor also agreed to forfeit 800,000 SPAC Class B Shares contingent upon closing.
Terms at deal announcement called for SatixFy to receive approximately $201 million from Endurance’s trust account, assuming no redemptions, as well as a $29 million PIPE. Participants in the PIPE include Sensegain Group and Antarctica Capital, which sponsors Endurance. In addition, there is a committed equity facility of $75 million from CF Principal Investments, an affiliate of Cantor Fitzgerald. Prior to the merger announcement, SatixFy received a secured loan of $55 million from Francisco Partners.
SatixFy’s systems are designted to increase system performance and reduce the weight and power requirements of terminals, payloads and save real estate for gateway equipment. Read more.
