Space Impulse Brief:
- SatixFy received written notice from the NYSE American LLC (“NYSE American”) stating that the Company is not in compliance with the continued listing standards.
- Generally, Section 1003(a) of the Company Guide requires companies to have a minimum stockholders’ equity of US $2,000,000 in 2 of its 3 most recent fiscal years.
- In order to maintain its listing, the Company must submit a plan of compliance within a 30 day deadline after its receipt of the notice addressing how it intends to regain compliance with the applicable listing standards by May 30, 2025.
PRESS RELEASE — Rehovot, Israel / December 1, 2023 — SatixFy Communications Ltd. (the “Company” or “SatixFy”) (NYSE AMERICAN: SATX), announced today that on November 30, 2023 the Company received written notice from the NYSE American LLC (“NYSE American”) stating that the Company is not in compliance with the continued listing standards, as set forth in Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE American Company Guide (the “Company Guide”).
Generally, Section 1003(a) of the Company Guide requires companies to have a minimum stockholders’ equity of $2,000,000 in 2 of its 3 most recent fiscal years, or requires companies to satisfy either of the following criteria: (1) A total value of market capitalization of at least $50,000,000; or total assets and revenue of $50,000,000 each in its last fiscal year, or in two of its last three fiscal years; and (2) The issuer has at least 1,100,000 shares publicly held, a market value of publicly held shares of at least $15,000,000 and 400 round lot shareholders (the “Alternative Listing Criteria”). The Company does not currently satisfy the Alternative Listing Criteria due to a recent decline in its market capitalization below $50,000,000.
In order to maintain its listing, the Company must submit a plan of compliance within a 30 day deadline after its receipt of the notice addressing how it intends to regain compliance with the applicable listing standards by May 30, 2025. If the Company’s plan is accepted, the Company may be able to continue its listing, and will be subject to periodic reviews by the NYSE American. If the plan is not accepted, or if it is accepted, but the Company is not in compliance with the continued listing standards by May 30, 2025, or if the Company does not make progress consistent with the plan, the NYSE American will initiate delisting procedures as appropriate. In the interim, the Company’s ordinary shares will continue to be listed on the NYSE American exchange while it attempts to regain compliance with the continued listing standards.
The Company is currently preparing a plan to address the steps it will take to regain compliance with applicable NYSE American listing standards and intends to submit it by the applicable deadline. The Company’s plan will be based in-part on expected upcoming business progress and technological development, including potential positive announcements it expects to make in the near-term of new customers and new orders that it believes should evidence that its valuation should be higher.
Contact Information:
Investor Contact:
Kenny Green & Ehud Helft, EK Global IR, [email protected]
Media Contact:
Helena Itzhak / Aviv Sax Nahamoni, [email protected]
SOURCE: Business Wire
Featured image: SatixFy’s chip. Credit: SatixFy
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