NYSE: “SatixFy non-compliant”
December 5, 2023
By Chris Forrester
The New York Stock Exchange (NYSE) has said that Israel-based satellite operator SatixFy, as of November 30th, did not comply with the exchange’s rules.
One of its key rules concerns a company’s overall valuation. Businesses registered on the exchange must 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 capitalisation 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’).
“SatixFy does not currently satisfy the Alternative Listing Criteria due to a recent decline in its market capitalization below $50,000,000,” said the NYSE.
The business now has 30 days to submit a plan of compliance and how it intends to remedy its position.
SatixFy, in its statement, said: “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.”
SatixFy develops end-to-end next-generation satellite communications systems, including satellite payloads, user terminals and modems, based on powerful chipsets that it develops in house.