Lynk Global agreed a merger with special purpose acquisition company (SPAC) Slam, an arrangement designed to provide a financial lift for the satellite-to-phone player which experienced several delays in the launch of its service.
The combined company is expected to be valued at around $800 million, with completion expected in H2. The boards of each business have approved the proposed combination, which will be named Lynk Global Holdings and be publicly listed on the Nasdaq stock exchange.
Lynk Global CEO Charles Miller stated with the tie-up leaves the company well-positioned to raise capital through several avenues.
The satellite company stated it engaged a business named BTIG to raise additional capital ahead of the merger.
Caleb Henry, director of research for satellite and space financial research company Quilty Space, told Mobile World Live SPACs are “still facing high redemption rates” and Lynk Global’s deal with Slam “appears no different”, hence the agreement with BTIG.
Lynk Global stated it would use the additional capital to launch a constellation of low-earth orbit satellites.
It currently has three commercial satellites, with an ambition to have up to 50 birds in operation by the year-end.
Lynk Global and rival AST SpaceMobile each claimed to be the first to provide two-way voice calls between a satellite and a standard mobile phone during 2023.
The post Lynk Global secures merger with SPAC appeared first on Mobile World Live.
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