The merger of Al Yah Satellite Communications Company PJSC (Yahsat) and Bayanat AI PLC (Bayanat) is expected to be finalised on October 1, 2024, the firms said on Monday.
Yahsat shares will be delisted from the Abu Dhabi Securities Exchange (ADX) as of today, according to a notification made by Bayanat to the ADX. The announcement was made following the close of business on September 30, 2024.
The statement states that in exchange for freshly issued Bayanat shares, which will be distributed to Yahsat owners as part of this merger, all of Yahsat’s obligations and assets will be transferred to Bayanat. The trade symbol for Bayanat will be changed to “SPACE42” on October 1st. The company will begin trading on ADX with its new trade symbol on October 1st.
The combination will establish SPACE42, a global leader in AI-powered space technology with a MENA (Middle East and North Africa) foundation.
In order to produce new space-based services that will significantly improve economies and societies, the new organisation will combine Yahsat’s outstanding satellite communications capabilities with Bayanat’s advanced geospatial artificial intelligence (AI) capabilities.
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