Telesat goes public on NASDAQ and Toronto Stock Exchange
Telesat has announced it is now a public company and will begin trading on the Nasdaq Global Select Market (NASDAQ) and the Toronto Stock Exchange (TSX).
The news comes following the closing of Telesat’s previously announced transaction with Loral Space and Communications and the Public Sector Pension Investment Board.
Telesat Canada and Loral have become subsidiaries of the Ottawa-based company, but the company will continue to be led by its global president and CEO Dan Goldberg.
“Today’s announcement marks a major milestone for Telesat, driving forward our plans for growth, innovation and increased value for our customers, partners, employees and shareholders,” said Goldberg.
“By rationalising our corporate structure and providing access to the public equity markets, this dual-listing enhances Telesat’s ability to execute on its compelling investment opportunities to drive our growth—and the future of global broadband connectivity—including our Telesat Light Speed Low Earth Orbit satellite network.”
Telesat will trade on both stock exchanges under the symbol TSAT.
The company is in the process of building its LEO constellation Lightspeed alongside NSSLGlobal and in August, the Canadian government agreed to invest $1.44 million more into the project if it meets capital and operating expenditure requirements.
Telesat says Lightspeed, which initially comprises a global mesh network of 298 satellites integrated with on-ground data networks, will be the “world’s most advanced LEO network”.