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SatixFy at Risk of Being Delisted for a Market Cap Below $50M

By Rachel Jewett | December 4, 2023

      A SatixFy chip. Photo: SatixFy

      SatixFy Communications is at risk of being delisted from the New York Stock Exchange (NYSE) because its market capitalization fell below $50 million. 

      SatixFy is a satellite technology company headquartered in Rehovot, Israel with offices in the U.K., U.S., and Bulgaria. The company develops satellite payloads, user terminals and modems, and also develops its own chipsets. 

      The company said in a Dec. 1 announcement that it received notice from the NYSE that it is not in compliance with listing standards. NYSE generally requires companies to have a minimum stockholder equity of at least $2 million in two of the three most recent fiscal years. 

      SatixFy does not meet this, and uses alternate criteria to list on the NYSE. One of those criteria is that the company maintains a market capitalization of at least $50 million or total assets and revenue of $50 million in two of its last three fiscal years. Market capitalization refers to the total dollar market value of a company’s outstanding shares.

      SatixFy said its market capitalization recently fell below $50 million. The company has 30 days to submit a plan to regain compliance. Its shares will continue to trade while it works to regain compliance. 

      SatixFy said its plan to regain compliance is “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.” 

      Last week, SatixFy reported its nine-month financial results for 2023, increasing total revenue in the first nine months by 31% over the same time last year, to $8.9 million. The company also recently sold its digital payload division to MDA for $40 million and additional $20 million in advanced payments for future orders of space grade chips.