ABU DHABI (WAM)
Abu Dhabi Securities Exchange (ADX) announced on Monday that the name of "Bayanat AI PLC" will be officially changed to “Space42 PLC.”
This came following its merger with Al Yah Satellite Communications Company PJSC, set to commence on October 1, 2024.
In a circular issued on Monday, ADX said that trading of the new shares of Bayanat AI PLC (resulting from the merger), noting that September 30 will be the last trading day for the shares of Al Yah Satellite Communications Company PJSC, since the company's shares will be delisted from the market.
According to the circular, the reference price for trading Space42 PLC shares in the trading session on October 1 will be the closing price of Bayanat AI PLC shares on 30th September, as this price will be subject to the price movements in the market (15 percent up and 10 percent down).