SatixFy Announces the Passing of Co-Founder, Co-Chairman and CEO Yoel Gat

Rhea-AI Summary

SatixFy Communications Ltd. announced the passing of its Co-Founder and CEO, Yoel Gat, on April 8, 2022. His passing marks a significant loss for the company, which credited him as a key driver behind its growth. Yoav Leibovitch, the CFO, has been appointed Interim CEO until the new CEO starts on June 26, 2022. Additionally, SatixFy is involved in a business combination agreement with Endurance Acquisition Corp. (NASDAQ: EDNC). The company develops next-gen satellite communication systems powered by proprietary chipsets.

Positive

• Appointment of Yoav Leibovitch as Interim CEO ensures continuity.
• Upcoming new CEO expected to start on June 26, 2022, indicating planned leadership transition.
• Strategic business combination with Endurance Acquisition Corp. could enhance growth prospects.

Negative

• The passing of a key visionary leader may disrupt operations and planning.
• Uncertainty and potential disruptions due to CEO transition may affect investor confidence.

NEW YORK & REHOVOT, Israel--(BUSINESS WIRE)-- SatixFy Communications Ltd. (“SatixFy”), a leader in next-generation satellite communication systems based on in-house developed chipsets, announced that the company’s Co-Founder, Co-Chairman and CEO Yoel Gat passed away on April 8, 2022.

Yoav Leibovitch, Co-Founder, Co-Chairman and Chief Financial Officer, issued the following statement on behalf of himself and SatixFy’s Board: “We are deeply saddened by the passing of Yoel. He was a tremendous visionary and the driving force behind growing SatixFy to where it is today. I personally have partnered with Yoel for over 30 years and will miss both his personal friendship and business partnership. He was a true entrepreneur, a creator of new companies, technologies and markets. We will continue to follow his vision as we take SatixFy to its next stage of growth. We also extend our heartfelt condolences to his wife Simona, and his two children. Our thoughts and prayers are with them at this difficult time.”

Mr. Leibovitch has been named Interim CEO and will assume Mr. Gat’s leadership duties for the time being as well as continuing his duties as CFO. SatixFy had previously announced that its new CEO has been hired to begin on June 26, 2022, the culmination of a transition plan that began in the Fall of 2021. SatixFy expects to announce the name of the new CEO in the coming weeks, as soon as he is free to do so in his current position.

On March 8, 2022, SatixFy announced that it had entered into a definitive business combination agreement with Endurance Acquisition Corp. (NASDAQ: EDNC), a publicly traded special purpose acquisition company formed by an affiliate of Antarctica Capital, an international private equity firm.

About SatixFy

SatixFy is developing satellite communications systems, including satellite payloads, user terminals and modems, all of which are powered by its proprietary chips. Its modems, with Software Defined Radio (SDR) and Electronically Steered Multi Beam Antennas (ESMA), are designed to support the most advanced communications standards, such as DVB-S2X. SatixFy’s ASICs and RFICs are designed to improve significantly on current generation satellite communications system performance and reduce the weight and power requirements of terminals, payloads and save real estate for gateway equipment. The company delivers advanced VSATs and multi-beam electronically steered antenna arrays for a variety of mobile applications and services such as LEO, MEO and GEO satellite communications systems, Aero/in-flight connectivity systems, communications-on-the-move applications, satellite-enabled Internet-of-Things and machine-to-machine devices. SatixFy was founded in 2012, and is headquartered in Rehovot, Israel with additional offices in the United States, United Kingdom and Bulgaria. (www.SatixFy.com).

About Endurance Acquisition Corp.

Endurance Acquisition Corp. (“Endurance”) is a special purpose acquisition company formed by an affiliate of Antarctica Capital, an international private equity firm, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Endurance was founded on April 23, 2021 and is headquartered in New York, NY.

Important Information About the Proposed Transaction and Where to Find It

The proposed business combination will be submitted to shareholders of Endurance for their consideration. SatixFy intends to file a registration statement on Form F-4 (the “Registration Statement”) with the SEC which will include preliminary and definitive proxy statements to be distributed to Endurance’s shareholders in connection with Endurance’s solicitation for proxies for the vote by Endurance’s shareholders in connection with the proposed business combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to SatixFy’s shareholders in connection with the completion of the proposed business combination. After the Registration Statement has been filed and declared effective, Endurance will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. Endurance’s shareholders and other interested persons are advised to read, once available, the preliminary proxy statement / prospectus and any amendments thereto and, once available, the definitive proxy statement / prospectus, in connection with Endurance’s solicitation of proxies for its extraordinary general meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about Endurance, SatixFy and the proposed business combination. Shareholders may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by Endurance, without charge, at the SEC's website located at www.sec.gov or by directing a request to Endurance Acquisition Corp., 630 Fifth Avenue, 20th Floor, New York, NY 10111.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE PROPOSED TRANSACTION PURSUANT TO WHICH ANY SECURITIES ARE TO BE OFFERED OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of SatixFy’s and Endurance’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of SatixFy and Endurance. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed business combination; the outcome of any legal proceedings that may be instituted against SatixFy or Endurance, the combined company or others following the announcement of the proposed business combination; the inability to complete the proposed business combination due to the failure to obtain approval of the shareholders of SatixFy or Endurance or to satisfy other conditions to closing; changes to the proposed structure of the proposed business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed business combination; the ability to meet stock exchange listing standards following the consummation of the proposed business combination; the risk that the proposed business combination disrupts current plans and operations of SatixFy as a result of the announcement and consummation of the proposed business combination; the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees and the execution of the CEO transition plan; costs related to the proposed business combination; changes in applicable laws or regulations; SatixFy’s estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; any downturn or volatility in economic conditions; the effects of COVID-19 or other epidemics; changes in the competitive environment affecting SatixFy or its customers, including SatixFy’s inability to introduce new products or technologies; the impact of pricing pressure and erosion; supply chain risks; risks to SatixFy’s ability to protect its intellectual property and avoid infringement by others, or claims of infringement against SatixFy; the possibility that SatixFy or Endurance may be adversely affected by other economic, business and/or competitive factors; SatixFy's estimates of its financial performance; risks related to the fact that SatixFy is incorporated in Israel and governed by Israeli law; and those factors discussed in Endurance’s final prospectus dated September 14, 2021 and Annual Report on Form 10-K for the fiscal year ended December 31, 2021, in each case, under the heading “Risk Factors,” and other documents of Endurance filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither SatixFy nor Endurance presently know or that SatixFy and Endurance currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SatixFy’s and Endurance’s expectations, plans or forecasts of future events and views as of the date of this press release. SatixFy and Endurance anticipate that subsequent events and developments will cause SatixFy’s and Endurance’s assessments to change. However, while SatixFy and Endurance may elect to update these forward-looking statements at some point in the future, SatixFy and Endurance specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing SatixFy’s and Endurance’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Participants in Solicitation

Endurance, SatixFy and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Endurance’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Endurance’s shareholders in connection with the proposed business combination will be set forth in Endurance’s proxy statement / prospectus when it is filed with the SEC. You can find more information about Endurance’s directors and executive officers in Endurance’s final prospectus dated September 14, 2021 and Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement / prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement / prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220410005053/en/

Investor Contact:

Kevin Hunt, SatixFyIR@icrinc.com

Media Contacts:

Helena Itzhak, Helena.itzhak@satixfy.com

Brian Ruby, SatixFyPR@icrinc.com

Source: Endurance Acquisition Corp.

FAQ

What happened to the CEO of SatixFy Communications Ltd. on April 8, 2022?

Yoel Gat, the Co-Founder and CEO of SatixFy Communications Ltd., passed away on April 8, 2022.

Who is the Interim CEO of SatixFy Communications Ltd. after Yoel Gat's passing?

Yoav Leibovitch was appointed as Interim CEO following the passing of Yoel Gat.

When is the new CEO of SatixFy expected to start?

The new CEO is expected to start on June 26, 2022.

What is the relationship between SatixFy and Endurance Acquisition Corp.?

SatixFy has entered into a definitive business combination agreement with Endurance Acquisition Corp. (NASDAQ: EDNC).

How might Yoel Gat's passing impact SatixFy Communications Ltd.'s stock?

The passing of a key leader like Yoel Gat may create uncertainty and affect investor confidence, impacting the stock performance.