REHOVOT, Israel - SatixFy Communications Ltd. (NYSE AMERICAN: SATX), a developer of satellite communication systems with a market capitalization of $104.32 million, has announced its return to compliance with the NYSE American's listing standards. The confirmation of compliance was received on Monday, following a previous notice of deficiency from the exchange dated November 30, 2023. The company's stock has shown remarkable momentum, gaining over 238% year-to-date and trading near its 52-week high of $1.30.
The NYSE American, a small-cap exchange operated by the New York Stock Exchange, requires listed companies to meet certain financial, operational, and governance standards. SatixFy had been out of compliance with Sections 1003(a)(i), (ii), and (iii) of the NYSE American Company Guide but has since demonstrated adherence to these standards for two consecutive quarters, as stipulated in Section 1009(f) of the guide. According to InvestingPro analysis, the company faces ongoing financial challenges with a significant debt burden and quick cash burn rate. Get access to 14 more exclusive InvestingPro Tips to better understand SatixFy's financial position.
SatixFy specializes in creating comprehensive satellite communications solutions, including digital antennas and modems, which are based on their proprietary chipsets. Their product line supports the DVB-S2X communication standard and features Software (ETR:SOWGn) Defined Radio (SDR) and Fully Electronically Steered Multi Beam Antennas (ESMA). The company's technology aims to enhance satellite communication system performance while reducing the size and power needs of terminals and payloads. With trailing twelve-month revenue of $10.35 million and a gross profit margin of 62%, the company maintains strong product margins despite operational challenges.
With headquarters in Rehovot, Israel, and offices in the United States, United Kingdom (TADAWUL:4280), and Bulgaria, SatixFy continues to focus on meeting its operational and financial goals while maintaining compliance with the NYSE American listing requirements.
This news is based on a press release statement from SatixFy Communications Ltd.
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