Abu Dhabi Securities Exchange (ADX) has confirmed that Bayanat AI PLC will officially rebrand as Space42 PLC following its merger with Al Yah Satellite Communications Company PJSC (Yahsat), effective from October 1, 2024.
In a circular issued, ADX outlined that the trading of the newly merged Space42 PLC shares will begin on October 1. It also noted that September 30 will be the final trading day for Al Yah Satellite Communications Company PJSC, as its shares will be delisted from the market.
The reference price for Space42 PLC shares on October 1 will be based on the closing price of Bayanat AI PLC shares on September 30, with fluctuations capped at 15% upward and 10% downward.
According to the disclosure, all Yahsat assets and obligations will be transferred to Bayanat in exchange for newly issued Bayanat shares, which will be allocated to Yahsat shareholders as part of this merger. On October 1, Bayanat will change its trading symbol to ‘SPACE42’. From October 1 onwards, the company will continue trading on ADX under this new trading symbol.
The merger will create SPACE42, a global AI-powered space technology champion based in the Middle East North Africa (MENA) region with global reach.
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