The Abu Dhabi Securities Exchange (ADX) has announced that “Bayanat AI PLC” will officially be renamed “Space42 PLC” following its merger with Al Yah Satellite Communications Company PJSC, which is set to take effect on October 1, 2024.
Trading schedule and delisting
In a recent circular, ADX indicated that trading of the new shares for Bayanat AI PLC—resulting from the merger—will begin on October 1. The last trading day for shares of Al Yah Satellite Communications Company PJSC will be September 30, as the company’s shares will be delisted from the exchange.
Reference pricing details
The circular specified that the reference price for trading shares of Space42 PLC on October 1 will be the closing price of Bayanat AI PLC shares from September 30, subject to market fluctuations of up to 15 percent upward and 10 percent downward.
Merger confirmation
Both Al Yah Satellite Communications Company PJSC (Yahsat) and Bayanat AI PLC (Bayanat) have confirmed that their merger is slated for completion on October 1, 2024. In a disclosure to ADX, Bayanat noted that after trading concludes on September 30, Yahsat shares will be removed from the exchange.
Asset transfer and share distribution
Additionally, all assets and liabilities of Yahsat will be transferred to Bayanat in exchange for newly issued Bayanat shares, which will be distributed to Yahsat shareholders as part of the merger. Beginning October 1, Bayanat will adopt the trading symbol ‘SPACE42’ and continue its operations on ADX under this new designation.
Read more: Abu Dhabi’s Yahsat approves interim dividend of $55.79 million for H1 2024
Strategic impact of the merger
This merger will establish SPACE42 as a leader in AI-driven space technology within the Middle East and North Africa (MENA) region, enhancing its global presence. Moreover, SPACE42 will integrate Bayanat’s advanced Geospatial AI capabilities with Yahsat’s satellite communications technology to develop innovative space services.
The newly formed entity aims to play a pivotal role in achieving the ambitious goals outlined in the National Space Strategy 2030, while also supporting the objectives of the National Strategy for Artificial Intelligence 2031.
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