Maxar Spikes on New Developments

A variety of news items Friday morning sent Maxar Technologies Inc. (NASDAQ:MAXR) higher in early trading.

The company and SiriusXM announced today that the SXM-8 satellite has completed in-orbit testing and has been handed over to SiriusXM. A SpaceX Falcon 9 rocket launched the satellite into space in June from Cape Canaveral.

SXM-8 is the ninth high-powered, digital, audio radio satellite built by Maxar for SiriusXM. Built on Maxar’s 1300-class platform and designed to provide more than 15 years of service, SXM-8 is more than 27 feet tall and weighed nearly 7,000 kg at launch. SXM-8 has a large, mesh, unfurlable reflector almost 30 feet in diameter that will allow SiriusXM programming to reach its radios, including those in moving vehicles.

“We are proud of our long-standing relationship with SiriusXM and excited to see SXM-8 ready for service to bring entertainment to millions of SiriusXM subscribers,” said Maxar official Chris Johnson.

“The entire Maxar team is committed to excellence, and playing a role in the success of our customers’ missions is what drives us every day.”

On Thursday, the company announced that its Board of Directors declared a regular quarterly dividend of one cent per share. The dividend is payable on September 30, to shareholders of record as of the close of business on September 15.

MAXR shares triumphed $1.59, or 4.5%, to $36.62 to start off Friday.