ÅAC Rights Issue Oversubscribed

UPPSALA, Sweden (AAC Microtec PR) — ÅAC Microtec AB’s (publ) (“ÅAC” or “the Company”) rights issue with preferential rights for the shareholders (“the Rights Issue”) has been completed. The interest was high, and the total subscription amounted to 139 percent. Consequently, ÅAC will receive proceeds of SEK 82.5 million[$8.7 million] before issue costs.

The subscription period for the Rights Issue ended on June 3, 2019, and the summary shows that 25,682,168 shares, corresponding to 93.43 percent, were subscribed for by subscription rights. In addition, the Company received application forms regarding interest in subscription of an additional 12,534,775 shares without subscription rights, corresponding to 45.60 percent.

(more…)

ÅAC Microtec Wins Upgrade Order from UK’s Satellite Applications Catapult

UPSALA, Sweden (ÅAC Microtec PR) — ÅAC Microtec AB’s subsidiary, Clyde Space, has signed a contract with the UK’s Satellite Applications Catapult to upgrade an existing order for the IOD Program from an 3U CubeSat to an enhanced 6U CubeSat. The contract value is 0.2 MGBP (approx. 2.5 MSEK) [$270,513].

The satellite is part of the In-Orbit Demonstration (IOD) Program, funded by Innovate UK, the UK Government’s innovation agency, and led by the Satellite Applications Catapult. The spacecraft will be delivered as the IOD-3 mission to the International Space Station (ISS) through launch providers Nanoracks in the second half of 2020.

(more…)

AAC Microtec Acquires Clyde Space

UPPSALA, Sweden (AAC Microtec PR) — The Swedish space tech company ÅAC Microtec AB (“AAC”) has today entered into a share sale and purchase agreement to acquire 100% of the shares in UK based Clyde Space Ltd (“Clyde Space”) (the “Transaction”), the leading player in the global, high-growth CubeSat market.

The acquisition will be paid for with 30 466 326 newly issued shares in AAC and GBP 2 million in cash, equivalent to approximately SEK 294 million (at a share price of 8.90 SEK/share). After completion of the acquisition, Clyde Space owners will hold 49 percent of AAC.

Being a fast-growing forerunner in the “New Space” market, Clyde Space has supplied complete platforms as well as over 2,000 subsystems for small spacecraft. In the CubeSat sector, Clyde Space is a market leader, supporting around 30-40 percent of all current and past missions. For the period Q1-Q3 2017, Clyde Space’s revenues amounted to approximately GBP 3.98 million, corresponding to approximately million SEK 45 million. EBITDA for the same period amounted to approximately GBP -0.03 million, corresponding to approximately SEK -0.3 million[1]. The company employs 77 individuals in Glasgow, Scotland.
(more…)

AAC Microtec Receives $3.9 Million Investment

Credit: NASA
Credit: NASA

Fouriertransform invests SEK 25 million ($3.9 million) in ÅAC Microtec AB

Uppsala-based ÅAC Microtec AB receives expansion capital to boost sales of their world leading microelectronics systems to aerospace and industrial customers with very high technical requirements.

ÅAC Microtec AB (ÅAC) globally provides high value space solutions and systems for commercial, governmental and educational customers through its partner network and office in Uppsala, Sweden. ÅAC has a unique competence and capacity to develop and manufacture robust, miniaturized multi-functional electronics systems. The company is today a core development partner in leading programs to launch new, smaller satellites. Based on its advanced position in these programs, ÅAC’s ambition is to further strengthen its position as a strategic supplier for the growing aerospace industry.

(more…)