Subsequent to Telesat’s quarterly earnings call last week which revealed the company was experiencing supply chain delays, Loral Space & Communications Inc., the largest shareholder, announced this Tuesday that “subject to the satisfaction or waiver of all the conditions to the closing” its Transaction Agreement and Plan of Merger should be completed over a two day closing period on November 18 and 19, 2021.
According to a Telesat spokesperson this means that should the schedule hold, the company could begin trading on the Nasdaq exchange on the morning of November 19, 2021.
In a press release Loral stated “that the parties to the Transaction Agreement and Plan of Merger, dated November 23, 2020 (the “Transaction Agreement”), currently expect that the two-day closing provided for in the Transaction Agreement will occur on November 18, 2021 and November 19, 2021, subject to the satisfaction or waiver of all the conditions to the closing.”
Telesat is jointly owned by Loral Space (at 63 percent ownership) and PSP Investments (Public Sector Pension Investment Board) (at 37 percent). Telesat announced in November 2020 that it would eventually become a public company, under an arrangement that will see Telesat Canada and Loral become subsidiaries of a new company called Telesat Corp.
While Telesat will be listed on Nasdaq the company will not be raising funds at the time of the listing. The spokesperson said “we will be a public company, but this isn’t an IPO.” As well, the spokesperson said that they have “applied and are awaiting confirmation to begin trading on the TSX as well.”