Astrocast SA also announced the launch of a private placement of up to 16.666 million new shares to raise up to CHF 50 million (NOK 486 million) in gross proceeds.
“Astrocast is recognised as one of the pioneers, and one of the most advanced companies in the world tackling the issue of low-cost global connectivity for the IoT. This has been a roadblock for a massive expansion of the market. A listing will represent a major step for the company as we are now accelerating deployment of our constellation,” said Fabien Jordan, CEO of Astrocast.
The Company has applied, and expects, subject to the necessary approvals from Oslo Børs and pending a successful Placement, to have its shares admitted to trading on Euronext Growth Oslo in August 2021.
“We consider Euronext Growth Oslo a perfect place for our shares. Norway has a thriving space research and business community and investors who are well acquainted with industries that represent an important market for Astrocast’s satellite-based communication solution,” said Kjell Karlsen, Chief Financial Officer of Astrocast.
Current cellular systems cover roughly only 10 percent of earth surface low-power wide-area networks (LPWAN) cover only a fraction of this. IoT coverage therefore depends on active support of satellite networks.
More than 5 billion IoT connected devices are expected by 2025, and a rapidly growing part of these needs to be connected by satellite. Through its Nanosatellite IoT Network, Astrocast enables companies to track, measure, manage, communicate and control IoT assets from the world’s most remote regions.
Astrocast has developed its communication solutions together with strong industrial partners including Airbus Defense and Space; CEA/Leti which is a subsidiary of France’s nuclear and renewable energy commission, the UAE based satellite operator Thuraya, Kongsberg Satellite Services, Leaf Space and D-Orbit in Italy, Spaceflight, and with suppliers such as SpaceX.
The proceeds from the Placement will help fund the expansion of Astrocast’s end-to-end communication solution for the IoT market, including satellites, communications platform, and modules (receivers).
After a successful launch of five new satellites in early July this year, the company’s current network comprises twelve operating satellites in orbit. The plan is to increase this to a total of 100 satellites by the end of 2024.
Astrocast has engaged Bryan, Garnier & Coas Sole Bookrunner and Euronext Growth Adviser in connection with the Placement and subsequent listing on Euronext Growth Oslo.
Astrocast SA is the most advanced global Nanosatellite IoT Network to tackle challenges in industries such as Agriculture & Livestock, Oil, Gas & Mining, Maritime, Environmental, Connected Vehicles, and IoT Devices.