REHOVOT, Israel - SatixFy Communications Ltd. (NYSE American: SATX), a company specializing in advanced satellite communication systems, has secured an extension from the NYSE American to regain compliance with its listing standards. The exchange has accepted the company's compliance plan and granted a period through May 30, 2025, for SatixFy to meet the required benchmarks.
This development follows an earlier notification from the NYSE American on November 30, 2023, indicating that SatixFy did not meet certain listing standards. The approved plan is partly based on anticipated business progress and technological advancements, including expected new customer acquisitions and orders that the company believes will justify a higher valuation.
SatixFy, headquartered in Rehovot, Israel, with offices in the UK, U.S., and Bulgaria, is known for its in-house developed chipsets that enhance satellite communications. Their product range includes Software Defined Radio (SDR) modems and Fully Electronically Steered Multi Beam Antennas (ESMA) that support the DVB-S2X communications standard. SatixFy's technology aims to improve satellite system performance while reducing the weight and power requirements of terminals and payloads.
The company's advanced Very Small Aperture Terminals (VSATs) and antenna arrays are tailored for mobile applications across Low Earth Orbit (LEO), Medium Earth Orbit (MEO), and Geostationary Earth Orbit (GEO) satellite systems. These innovations are particularly suited for aero/in-flight connectivity and high-end communications-on-the-move applications.
The information in this article is based on a press release statement from SatixFy Communications Ltd.
InvestingPro Insights
As SatixFy Communications Ltd. (NYSE American: SATX) strives to meet the NYSE American's listing standards by May 30, 2025, it's important to understand the company's current financial health and market position. With a market capitalization of approximately 29.89M USD, SatixFy's valuation reflects the challenges it faces in the competitive satellite communications market. The company's price-to-earnings (P/E) ratio, which is a negative -0.2 based on the last twelve months as of Q3 2023, indicates that the company is not currently profitable.
Despite the optimism expressed in SatixFy's compliance plan, InvestingPro Tips highlight several concerns for potential investors. SatixFy operates with a significant debt burden and is quickly burning through cash, which could impact its ability to fund operations and research and development. Furthermore, the company's short term obligations exceed its liquid assets, adding financial risk. In the last year, the company's stock price has fallen by -78.73%, reflecting investor sentiment and market performance.
Investors looking for a deeper dive into SatixFy's financial metrics and potential investment strategies can find additional InvestingPro Tips at InvestingPro. There are currently 7 more tips available, which could provide valuable insights into SatixFy's operational and financial strategies. For those considering an InvestingPro+ subscription, use coupon code SFY24 to get an additional 10% off a 2-year subscription, or SFY241 to get an additional 10% off a 1-year subscription.
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