Filtronic shares rocket after inking SpaceX partnership

24th Apr 2024 10:56

(Sharecast News) - Filtronic's shares rocketed after announcing that it had entered into a supply agreement with SpaceX.

Under the terms of the Strategic Partnership with Elon Musk's outfit, the AIM-listed outfit issued SpaceX roughly 21.7m warrants.

Those warrants would vest once SpaceX had placed £48m-worth of orders with Filtronic and allow it to subscribe for up to 10% of Filtronic's share capital.

To begin with, also on Tuesday SpaceX announced the purchase of £15.8m-worth of E-band SSPA modules for its Starlink satellite communications network.

Delivery was anticipated to take place in the 2025 financial year with additional order flow expected thereafter.

As of 1111 BST, shares of Filtronic were trading up by 64% at 54.0p.