Why SatixFy Stock Soared Today
Shares of ex-SPAC Israeli satellite communications-equipment maker SatixFy Communications (NYSEMKT: SATX) exploded higher on Monday morning, rising 9.5% through 11:35 a.m. ET after announcing a deal to supply its chipsets to Indian wireless telecom start-up Astrome.
Astrome's business aims to provide 5G "gigabit speed wireless solutions" to telcos and other providers through "a multi-gigabit wireless X-haul radio," according to a press release, and will use SatixFy's PRIME 1 beamformer chip to power its 5G GigaMesh product.
Although originally developed for use in satellite antennas, SatixFy says its PRIME 1 beamformer can also be used to distribute 5G capability from one output point to multiple receivers, giving the company a way to enter what it calls a $15.5 billion market for 5G backhaul equipment. And as SatixFy points out, this is a completely new revenue stream for the company, marking its first entry into the terrestrial 5G market.
Source Fool.com
