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Electro Optic Systems announces trading halt

Electro Optic Systems has halted trading on the ASX pending a downgrade to its earnings.

Electro Optic Systems announces trading halt
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The business, which develops global satellite communication products, systems and services, said it would suspend its shares until the start of trade on Wednesday.

The decision is pending an update in relation to an “expected significant contract payment” and the status of fundraising efforts for SpaceLink Corporation, its satcoms division. 

Formed in 1982 here in Australia, EOS has made international headlines for its pioneering technology in the space domain, including its innovative space debris solutions.

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Last week, Space Connect reported how SpaceLink signed an authorisation for OHB System AG to produce its initial constellation of relay satellites.

The contract is valued over $300 million, and the partnership is slated to be part of a 2024 launch that will see SpaceLink’s relay system of satellites provide high-capacity connectivity for commercial and government space missions.

“Following an in-depth review of multiple manufacturing proposals, we found that OHB excelled at meeting our requirements,” said David Bettinger, chief executive officer of SpaceLink.

“The manufacturer selection was made with attention to our customers’ pressing needs, including flexibility, high data rates and secure delivery.”

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OHB, based in Germany, has extensive knowledge in medium Earth orbit satellites and communications.

SpaceLink said OHB has invested $25 million into the US company as part of first-round financing for the project.

Earlier this month, EOS announced the four winners of its Space Systems Research Award, who each secured $10,000 for their proposals about advancing Australia’s space capabilities.  

Applicants were required to submit a short research project proposal, including the potential impacts their study could have on Australia’s space community.

The biggest day to hit the space industry is coming! Space Connect is thrilled to announce the brand-new Australian Space Summit coming to Sydney in March 2022. This jam-packed event will deliver relevant insights and market intelligence to help better shape business decisions and will provide topical information for the full breadth of the space sector. Visit the website to learn more and to secure your ticket to attend.

Adam Thorn

Adam Thorn

Adam is a journalist who has worked for more than 40 prestigious media brands in the UK and Australia. Since 2005, his varied career has included stints as a reporter, copy editor, feature writer and editor for publications as diverse as Fleet Street newspaper The Sunday Times, fashion bible Jones, media and marketing website Mumbrella as well as lifestyle magazines such as GQ, Woman’s Weekly, Men’s Health and Loaded. He joined Momentum Media in early 2020 and currently writes for Australian Aviation and World of Aviation.

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