Space-Communication Ltd announced that it has signed a non-binding letter of intent with new investor, 4iG Nyrt. for a private placement of 25,294,118 common shares at a price of ILS 8.50 per share for gross proceeds of ILS 215,000,003 on June 15, 2021. The Investor will acquire 51% stake in the company through this transaction.

The transaction is conditioned upon further negotiations, due diligence, regulatory approvals including Israel's Communications Ministry, approval by company's shareholders, agreement by third-parties currently contracted with the company, whose contracts have this obligation. The deadline for meeting these conditions is mid-August 2021 and the transaction is expected to close this fall.