Filtronic’s shares soar on partnering with Musk’s SpaceX

By Thomson Reuters Apr 24, 2024 | 2:16 AM

(Reuters) – Filtronic’s soared 42% on Wednesday after the British engineering group signed a strategic agreement with SpaceX for the Starlink constellation, giving the space venture controlled by billionaire Elon Musk equity warrants as part of the deal.

The partnership includes supplying products for SpaceX’s Starlink platform, which provides internet to users globally.

Filtronic will also issue 21.7 million warrants to SpaceX, enabling it to subscribe for up to 10% of the British firm’s shares.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio D’Souza)