tm2619705-6_suppl - none

SUPPL 1 tm2619705-6_suppl.htm SUPPL tm2619705-6_suppl - none - 7.0353425s

Filed Pursuant to General Instruction II.L of Form F-10
File No. 333-297319

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

This prospectus supplement, together with the short form base shelf prospectus dated August 7, 2025 to which it relates, as amended or supplemented, and each document incorporated or deemed to be incorporated by reference in this prospectus supplement and in the short form base shelf prospectus dated August 7, 2025 to which it relates, constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.

PROSPECTUS SUPPLEMENT
TO THE SHORT FORM BASE SHELF PROSPECTUS
DATED AUGUST 7, 2025

New Issue July 9, 2026

MDA SPACE LTD.

US$818,800,000

23,000,000 Common Shares

This prospectus supplement (the “Prospectus Supplement”), together with the accompanying short form base shelf prospectus dated August 7, 2025 (the “Shelf Prospectus”), hereby qualifies the distribution (the “Offering”) by MDA Space Ltd. (the “Company”, “MDA Space”, “we”, “our” or “us”) of 23,000,000 common shares of the Company (the “Common Shares”, and such Common Shares being offered pursuant to the Offering, the “Offered Shares”) at a price of US$35.60 per Offered Share (the “Offering Price”).

The Offering is being made concurrently in Canada under the terms of this Prospectus Supplement and in the United States under the terms of the Company’s registration statement on Form F-10 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”).

BMO Capital Markets

RBC Capital Markets

J.P. Morgan

Scotiabank

BofA Securities

ATB Cormark

Canaccord
Genuity

CIBC Capital
Markets

Desjardins
Capital Markets

Deutsche
Bank
Securities

National Bank
of Canada Capital Markets

Wells Fargo
Securities

Beacon Securities Limited

Stifel Canada

	Underwriters’ Position			Maximum Number of Securities Available			Exercise Period			Exercise Price
	Over-Allotment Option			3,450,000 Additional Shares			Not later than 30 days after the Closing Date			US$35.60 per Additional Share

	ABOUT THIS PROSPECTUS SUPPLEMENT					S-1
	CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION					S-1
	DOCUMENTS INCORPORATED BY REFERENCE					S-2
	U.S. REGISTRATION STATEMENT					S-3
	MARKETING MATERIALS					S-3
	NON-IFRS FINANCIAL MEASURES AND KEY METRICS					S-4
	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS					S-4
	MARKET AND INDUSTRY DATA					S-7
	WHERE YOU CAN FIND MORE INFORMATION					S-7
	THE COMPANY					S-8
	TRADEMARKS, SERVICE MARKS AND TRADE NAMES					S-9
	DESCRIPTION OF THE CLS ACQUISITION					S-9
	RISK FACTORS					S-16
	USE OF PROCEEDS					S-29
	CONSOLIDATED CAPITALIZATION					S-29
	DESCRIPTION OF SECURITIES BEING DISTRIBUTED					S-30
	PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)					S-31
	RELATIONSHIP BETWEEN THE COMPANY AND CERTAIN UNDERWRITERS					S-40
	CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS					S-42
	CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS					S-45
	PRIOR SALES					S-50
	TRADING PRICE AND VOLUME					S-51
	LEGAL MATTERS					S-51
	AUDITORS, TRANSFER AGENT AND REGISTRAR					S-51
	ENFORCEMENT OF CIVIL LIABILITIES					S-51
	SCHEDULE A INVESTOR PRESENTATION					A-1

	IMPORTANT INFORMATION ABOUT THIS PROSPECTUS					1
	EXEMPTION FROM NATIONAL INSTRUMENT 44-101					1
	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS					1
	NON-IFRS FINANCIAL MEASURES					2
	MARKET AND INDUSTRY DATA					3
	ADDITIONAL INFORMATION					3
	DOCUMENTS INCORPORATED BY REFERENCE					3
	THE COMPANY					5
	RECENT DEVELOPMENTS					6
	CONSOLIDATED CAPITALIZATION					6
	USE OF PROCEEDS					6
	DESCRIPTION OF SECURITIES					6
	SELLING SECURITYHOLDERS					11

	PLAN OF DISTRIBUTION					13
	EARNINGS COVERAGE RATIOS					14
	PRIOR SALES					14
	TRADING PRICE AND VOLUME					14
	CERTAIN INCOME TAX CONSIDERATIONS					14
	RISK FACTORS					15
	ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS					17
	WELL-KNOWN SEASONED ISSUER					17
	LEGAL MATTERS AND INTEREST OF EXPERTS					17
	AUDITORS, TRANSFER AGENT AND REGISTRAR					17

	Three Months Ended March 31, 2026		Fiscal Year Ended December 31, 2025
Low		1.3515		1.3558
High		1.3939		1.4603
Average		1.3717		1.3978
End		1.3939		1.3706

	As at March 31, 2026
	Actual		As Adjusted
	(in millions of C$)
Cash and cash equivalents		544.0		1,620.8
Non-current liabilities				(1)
Net employee defined benefit payable		23.2		23.2
Lease liabilities		116.2		116.2
Long-term debt (7.00% senior unsecured notes due 2030)		244.7		244.7
Deferred income tax liabilities		233.7		233.7
Other non-current liabilities		23.3		23.3
Total non-current liabilities		641.1		641.1
Equity
Common shares (Common Shares, no par value – 138,659,395 Common Shares issued and outstanding, Actual; 161,659,395 Common Shares issued and outstanding, As Adjusted)(2)		1,501.9		2,578.7(3)
Contributed surplus		37.9		37.9
Accumulated other comprehensive income		30.1		30.1
Retained earnings		276.8		276.8
Total equity		1,846.7		2,923.5
Total capitalization		2,487.8		3,564.6

Underwriter	Number of Offered Shares
BMO Nesbitt Burns Inc.		5,433,750
RBC Dominion Securities Inc.		5,433,750
J.P. Morgan Securities LLC		3,018,750
Scotia Capital Inc.		3,018,750
Merrill Lynch Canada Inc.		2,415,000
ATB Capital Markets Corp.		460,000
Canaccord Genuity Corp.		460,000
CIBC World Markets Inc.		460,000
Desjardins Securities Inc.		460,000
Deutsche Bank Securities Inc.		460,000
National Bank Financial Inc.		460,000
Wells Fargo Securities Canada, Ltd.		460,000
Beacon Securities Limited.		230,000
Stifel Nicolaus Canada Inc.		230,000
Total		23,000,000

Date of Issuance	Type of Security	Number of Securities Issued	Issuance / Exercise Price per Security (C$)
July 2025	Common Shares	54,065(1)	$6.00 – $15.36
August 2025	Common Shares	1,209,280(1)	$6.00 – $26.88
August 22, 2025	Common Shares	1,611(2)	$8.49
September 2025	Common Shares	174,787(1)	$9.60 – $14.00
September 9, 2025	Common Shares	24,353(2)	$7.4542
September 19, 2025	Restricted Share Units	161,789(3)	$31.9789
September 19, 2025	Performance Share Units	2,575(3)	$31.9789
September 23, 2025	Common Shares	22,570(2)	$16.5008
September 24, 2025	Deferred Share Units	11,678(3)	$32.4441
September 24, 2025	Common Shares	14,555(2)	$31.9789
October 20, 2025	Common Shares	1,595(2)	$6.9000
January 2026	Common Shares	138,395(1)	$6.00 – $15.36
February 2026	Common Shares	29,000(1)	$6.00 – $9.60
March 2026	Restricted Share Units	347,946(3)	$43.36 – $44.28
March 2026	Performance Share Units	143,033(3)	$44.28
March 2026	Deferred Share Units	18,556(3)	$43.36 – $44.28
March 2026	Common Shares	113,497(1)	$9.60 – $15.36
March 2026	Common Shares	446,892(2)	$7.15 – $31.98
March 2026	Common Shares	215,237(4)	$7.15 – $10.18
March 2026	Common Shares	11,180,136	US$30.50
April 2026	Common Shares	50,155(1)	$9.60 – $15.36
April 2026	Common Shares	41,427(5)	$5.89 – $44.28
May 2026	Common Shares	5,640(5)	$8.44 – $10.36
May 2026	Common Shares	159,335(1)	$9.60 – $16.80
May 2026	Common Shares	8,189(2)	$6.80
June 2026	Common Shares	139,265(1)	$6.00 – $21.65

	Common Shares – TSX						Common Shares – NYSE
2025	High (C$)		Low (C$)		Volume		High (US$)		Low (US$)		Volume
July		45.10		34.86		11,696,053		—		—		—
August		48.31		41.49		13,961,167		—		—		—
September		44.81		30.57		24,390,188		—		—		—
October		38.59		26.66		17,644,919		—		—		—
November		28.54		20.85		19,764,032		—		—		—
December		27.58		22.69		20,152,238		—		—		—
2026
January		41.43		26.84		24,212,428		—		—		—
February		40.58		33.15		14,963,222		—		—		—
March		46.27		32.42		31,978,010		33.73		23.24		2,790,442
April		50.98		34.53		23,294,275		36.99		24.44		2,794,280
May		67.90		40.78		25,867,323		49.29		29.96		3,283,309
June		61.49		49.78		27,956,211		44.40		35.10		6,295,256
July 1 to July 8		60.45		54.16		4,088,930		42.47		38.23		1,279,486