Satellite telecoms provider Lynk Global and Slam Corp. today announced a business combination agreement at a pre-money enterprise value of $800 million.
If approved, Lynk is expected to list on the Nasdaq under the ticker symbol LYNK.
Lynk's patented and commercially-licensed sat2phone technology is compatible with any unmodified cellular device from 2G to 5G, and is positioned to be compatible with future generations of mobile devices, according to the announcement. The company's technology has been tested and proven in over 25 countries, on all seven continents, and Lynk has signed 36 full commercial contracts with partners to provide coverage in approximately 50 countries.
Slam was founded by major leage baseball legend alex rodriguez.
The SPAC raised $575 million in a February 2021 ipo, initially to target businesses in the sports, media, entertainment, health and wellness and consumer technology sectors, but not professional sports franchises. Redemptions since the IPO have claimed nearly 56% of the trust.
The parties announced a letter-of-intent in December for a potential merger.
BTIG is capital markets advisor and JonesTrading Institutional Services is financial advisor to Lynk Global. Goodwin Procter is serving as legal counsel to Lynk. kirkland & ellis is legal counsel to Slam Corp. DLA Piper is legal counsel to BTIG. Read more.