Sky and Space Global founders have committed 1bn shares to escrow
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Special report: The founders of satellite maker Sky and Space Global have pledged their support for the company by voluntarily locking up 1 billion ordinary shares.
The move comes as the company (ASX:SAS) approaches the end of an escrow period — 1.08 billion shares were set to be released at the end of the month following the company’s two-year anniversary.
Last week, SAS’s founders, directors and executive management confirmed they would voluntarily lock up commitments of roughly 1 billion shares — more than 55 per cent of the shares on issue.
Sky and Space is building a satellite-based communications service aimed at the 3 billion people in equatorial regions who don’t have data coverage outside of major cities.
Sky and Space’s “Pearls” satellite network will offer “narrowband” communications, allowing voice calls, messages and data for applications such as “internet of things” connectivity. They can offer significantly cheaper services than current narrowband providers.
“We already have 3 operational satellites in space which have made numerous world firsts, and we have customers eager to start using our “Pearls” constellation services,” co-founder and chief Meir Moalem said.
“We are changing the world of narrowband satellite communications.
“We have come a long way and remain completely committed to the growth and development of the company I am fortunate to manage and expect to see results in near term and beyond.”
The coming year will be a critical operational and development phase for the company, with testing for key target customers already underway.
“The company remains on track to materially ramp-up in revenues in H2 2019 following the anticipated first launch of approximately 20 Pearls satellites in 2019.”
Last quarter SAS demonstrated the ability of its nano-satellites by completing a ‘world first’ successful financial transaction over a mobile phone.
“We’re moving forward on realising a dream to change the world,” co-founder chief technology officer Meidad Pariente said.
“I’m privileged to lead a team of experts on one of the most exciting projects ever been done. We are fully committed and will do whatever is needed for the company’s success.”
This special report is brought to you by Sky and Space Global.
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