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Why Satixfy Stock Got Destroyed Today

TheMotleyFool

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Investors in space-focused special purpose acquisition companies (SPACs) -- space SPACs -- got another great reason to not touch these kinds of companies with a 62-mile pole today.

Israeli satellite communications-equipment maker Satixfy Communications (NYSEMKT: SATX) got destroyed this morning after registering 28.4 million common shares (and 1 million warrants) for sale. As of 10:50 a.m. ET, shares of the satcom tech stock are down a disheartening 72.2%.

Satixfy came public in a SPAC-sponsored reverse initial public offering (IPO) on Oct. 28, 2022, merging into the publicly listed Endurance Acquisition SPAC and taking over the latter's listing -- with the former's name.

Source Fool.com

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