SatixFy Closes $60 Million Strategic Transaction with MDA

(24/7 MARKET NEWS) – SatixFy Communications Ltd. (SATX:AMEX) reported, this morning, that it closed a $60 million strategic transaction, establishing cooperation between the companies to utilize SatixFy’s revolutionary digital payload chip based technology to advanced digital satellite payloads, which the parties believe to be unparalleled in today’s market, and is expected to open up SatixFy’s solutions to broader markets as well as new customers. The transaction is a combination of a $40 million share purchase agreement, selling SatixFy’s holdings in its SatixFy Space Systems UK Ltd, one of SatixFy’s UK based subsidiaries, to MDA as well as an additional $20 million in advanced payments under new commercial agreements which includes the previous $10 million advanced payment made in June to be applied to future orders of space grade chips.

SatixFy Communications is trading at $0.599, up $0.111 (+27.53%), on 586.03K premarket shares traded.

Its 52-week range is $0.2768 to $79.21. It’s now challenging its April trading levels and should break several manageable resistance points.

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