Sky and Space Global recapitalizes, relaunches as Sky and Space Company

Australia-based satellite company Sky and Space Global Ltd. recapitalized and relaunched itself as Sky and Space Co. Ltd. following shareholder approval.

This follows the effectuation of the deed of company arrangement, which also expands the company's plans to reinstate its securities on the Australian Securities Exchange and its strategic partnership with Virgin.com Ltd.-owned satellite company Virgin Orbit LLC.

Virgin Orbit in October 2020 agreed to acquire an at least 14.7% stake in Sky and Space Global (UK) Ltd. at an issue price of 20 Australian cents.

The company, which is regulated by the U.K. Space Agency, will look to expedite the commercialization of its technology and pursue space sector opportunities, Sky and Space said in a press release.