- WISeKey International Holding Ltd (NASDAQ:WKEY) stock has been volatile on Monday after it shared plans to launch new WISeSat-Ready FOSSA-powered satellites with Elon Musk helmed SpaceX.
- The company also announced the final distribution ratios for the partial spinoff of SEALSQ Corp.
- Last Friday, the cybersecurity company disclosed its collaboration with FOSSA Systems to launch several new WISeSat-Ready FOSSA-powered satellites with SpaceX, adding to the 13 FOSSA satellites already in orbit.
- These new satellites will be part of the 80-satellite constellation which FOSSA has been planning to deploy since early 2022 to provide global and real-time IoT connectivity for industrial applications with a 10-hour data latency.
- SpaceX, on a Falcon 9 Vehicle, will execute the launch by June 2023.
- Last week WISeKey tweeted about its satellite discussions with Musk sending the stock up by 30%.
- WISeKey also approved a special dividend-in-kind in the form of 1.5 million shares in SEALSQ distributed to holders of WISeKey’s Class A Shares, Class B Shares, and ADSs.
- Each holder of Class B will receive 0.010301 SEALSQ shares, each holder of Class A will receive 0.002060 SEALSQ shares, and each holder of ADSs (each representing ten Class B shares of WISeKey) will receive 0.103011 SEALSQ shares for each ADS.
- The stock has been volatile, with up 19% at one point and hitting a circuit breaker.
- Price Action: WKEY shares traded lower by 2.90% at $3.35 on the last check Monday.
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