OTTAWA, Nov. 19, 2021 – Telesat, one of the world’s largest and most innovative satellite operators, today announced that it is now a public company and will begin trading on the Nasdaq Global Select Market (“NASDAQ”) and the Toronto Stock Exchange (“TSX”) under the ticker symbol “TSAT”. Telesat shares priced at $41.52 and surged as much as 16% in early trading, before giving up most of the gains to trade largely unchanged.
Telesat Canada and Loral have become subsidiaries of Telesat Corporation, the Canadian controlled and incorporated public holding company formed in connection with the Transaction. Telesat Corporation will continue to be led by Telesat’s President and Chief Executive Officer 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 rationalizing 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 transformative Telesat Lightspeed Low Earth Orbit satellite network.”
Telesat is one of the largest and most successful global satellite operators. Telesat works with its customers to deliver critical connectivity solutions that tackle the world’s most complex communications challenges.
- Canadian satellite communications company Telesat went public Friday on the Nasdaq, bringing another space pure-play stock to the market.
- The listing came following an exchange with Telesat’s shareholders, with the company effectively taking the place of formally public Loral Space & Communications.
- Telesat’s core growth project is the low Earth orbit broadband satellite network it’s building called Lightspeed
Telesat Lightspeed™, is a Low Earth Orbit network and intends to be the first and only LEO network optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers worldwide. Operating under its international priority Ka-band spectrum rights, Telesat Lightspeed seeks to redefine global satellite connectivity with ubiquitous, affordable, high-capacity links with fibre-like speeds.
Unlike SpaceX’s Starlink, which has gotten attention as a means to deliver fast internet to far-flung, rural internet consumers, Telesat targets the enterprise market, providing internet service to airplanes in flight, ships at sea, businesses, and rural municipalities.
Telesat has lined up more than $3 billion in financing for Lightspeed so far, including a $1.1 billion investment from the Canadian government. The company will raise the remaining needed funding from export credit agencies, Goldberg said, with Telesat “in the process of finishing those discussions.”
Canada continues its strong momentum into the worldwide space robotics and telecommunications industry. As a G7 leader Canada was invited by NASA to join the Artemis program which will put Canadian astronaut boots on the moon with the United States.