In advice to the Australian Securities Exchange (ASX), SAS managing director Meir Moalem said this request for the extension of the voluntary suspension would enable SAS to finalise appointment of two new Australian resident non-executive directors with the requisite skills and experience.
It would also allow the company to complete negotiations of material commercial and operational agreements to support the company’s ongoing operations and growth strategy.
Moalem said it was expected the voluntary suspension to end no later than start of trading on Tuesday, 14 May.
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SAS shares have been in a voluntary trading halt since the first week in April when the company advised the ASX that it was renegotiating its agreement with Danish satellite providers GomSpace and seeking two new directors.
The company is also seeking to raise additional funds through the $7.4 million second tranche and priority offer share offers to fund ongoing operations and the business plan.
SAS, based in Perth, has big plans for what it calls the Pearls constellation of around 200 nanosatellites in equatorial orbit, providing low cost communication and internet services for markets in Africa, South America and Asia.
Under its new 6U agreement with GomSpace, there will be an additional constellation of eight to 16 satellites in high inclination orbits, allowing full global coverage.
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Launch is planned for early next year. The company has signed launch MoUs with Arianespace and Rocket Lab.
The company has European and Israeli development centres with experts in aerospace, satellites and software. In June 2017, SAS successfully launched into space its first three nan-osatellites, the Three Diamonds.
SAS services will also bring to the equatorial region a huge range of life-saving services, like search and rescue, disaster management, emergency response, security alarms and recreational tracking. This is in addition to a whole range of traditional services, including cellphone applications, offshore communications, smart farming, interactive TV, airplane, vessel and animal tracking, water and electric metering, grid monitoring, and ATM.
The company aims to deliver cost-effective communications infrastructure and services to those who need it most and to disrupt the telecommunications and international transport industries.
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