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The Space Investor - 🚀 MDA Acquires SatixFy UK

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The Space Scoop
Week Ended 09.01.2023
Happy Friday! And Happy Labor Day Weekend to our U.S. reader! It's unfortunately the "final" weekend of summer so lets get right to it.

Market Max-Q

Top Stories
1) Spire ($SPIR) effectuated a 1-for-8 reverse stock split.
  • Following the likes of Astra ($ASTR) and Momentus ($MNTS), Spire completed its inevitable reverse split this week reducing outstanding common stock shares from 166.7M to 20.8M. Fractional shares were not issued and cash was issued in lieu of.
     
  • Why? To avoid delisting. Space SPAC shares have been battered, with many falling below the $1.00 required price on their respective stock exchange. 
     
  • In the company's own words: "The purpose of the 1-for-8 reverse stock split is to increase the per share closing price of the Company’s Class A common stock to meet the minimum average closing price requirement for listing on the New York Stock Exchange."
     
  • SPIR shares finished the week at $5.48 per share, +15.3% higher.

2) MDA ($MDA) announced the acquisition of SatixFY's ($SATX) UK-based subsidiary for $40M.
  • The subsidiary known as SatixFy Space Systems UK Ltd. is the digital payload division of SatixFy. The acquisition will help further strengthen MDA's digital satellite capability in the growing LEO constellation market. Upon closing, SSS will be integrated into MDA UK.
     
  • MDA has also secured access to SATX's next generation digital satellite chipset via an inventory pre-purchase valued at ~$20M.
     
  • The transaction is expected to be close in Q4'23. and funding is being sourced from cash on hand and MDA's existing credit facility.
     
  • MDA shares closed +8.8% higher while SATX shares finished +30.7% for the week. 

In Other News
GITAI Raises $15M Series B (Company)
The Japanese-based space robotics startup funding follows as an extension of its previous $17M Series B round initially raised in 2021, with a $30M addition this past May. The capital is a mix of debt and equity, with MUFG Bank providing a $7M loan with the remainder coming from Green Co-Invest Investment, Pacific Bays Capital and Mitsui Sumitomo Insurance Venture Capital.

SatSure Raises $15M Series A (TechNode)
The India-based satellite EO data and analytics startup closed the funding via equity and venture debt, which was led by Baring Private Equity Partners, India and Promus Ventures, with participation from Omidyar Network India and xto10X. Existing investors Force Ventures, Luckbox Ventures, and IndigoEdge Advisors also participated.

Chart of the Week
August 2023 Performance: SatixFy ($SATX) is this month's outperformer at +103% on the back of its UK Digital Payload Division sale to MDA. Momentus ($MNTS) is this month's big loser, down -52%, despite the reserve split. 

Links
• Virgin Galactic ($SPCE) Announces Flight Window for Third Commercial Spaceflight

• Korean Air Selects Viasat ($VSAT) Inflight Broadband Service for Airbus Fleet

• Infospectrum Expands Contract With Spire ($SPIR) To Enhance Vessel-Tracking Capabilities

• Globalstar ($GSAT) Appoints New CEO

• Spire ($SPIR) Awarded $4.6M NASA Contract To Develop NOAA Sounder

• Intuitive Machines ($LUNR) Receives $20M Equity Investment From Institutional Investor

Opinion
• Welcome to the Third Space Age

• Virgin Galactic’s ($SPCE) President Explains How VSS Unity Is Now Flying Frequently

• Astra’s ($ASTR) Apollo Fusion Acquisition Followed by Delays and Desertion

• Making Space for India

• Edge Computing for Earth Observation

Earnings Calendar
• $PL: Sept 7 - After Market Close

*Company confirmed dates only.
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Disclaimer: The Space Investor ("TSI") does not provide financial advice. All content is for informational purposes only and is not a solicitation to buy or sell any assets. TSI is not a registered investment, legal, or tax advisor or a broker/dealer.

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