OTTAWA — Canadian satellite operator Telesat Corp. became a public company last Friday and began trading on the Toronto Stock Exchange and the Nasdaq Global Select Market under the ticker symbol “TSAT”.
This follows the closing of Telesat Canada’s previously announced merger with New York-based Loral Space & Communications Inc., which was announced in November 2020. Telesat Canada and Loral have become subsidiaries of Telesat Corp., the Canadian controlled and incorporated public holding company formed in connection with the merger transaction.
Telesat Corp. will continue to be led by Telesat’s 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, in a press release last Friday.
“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,” Goldberg said.
Telesat’s board of directors will have a majority of Canadian directors and will include current Telesat Canada board members Mélanie Bernier, Michael Boychuk, Richard Fadden, Henry (Hank) Intven, Dr. Mark H. Rachesky, Guthrie Stewart and Michael B. Targoff, along with new directors Jason A. Caloras, MHR Fund Management LLC principal, Jane Craighead, chartered professional accountant and former Scotiabank senior vice-president of global human resources, and Goldberg.
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