Slam Corp. (NASDAQ: SLAM) has signed a letter of intent (LOI) to combine with satellite-direct-to-standard-phone telecoms provider Lynk.
Ever since Slam listed in February 2021, curiosity has followed its process due presence in its team of Alex Rodriguez. But, unlike other SPACs that have merely stashed sports stars and media personalities on their Boards, Rodriguez has served as the SPAC’s CEO and is joined by President Kelly LaFerriere who helps steer A-Rod’s investment group.
But, rather than swinging for a buzzy sector or the sports world, the duo appears to have instead gone fairly nuts and bolts with Lynk. At a valuation above $800 million, Lynk would also be the largest SPAC deal since Mountain & Co. I‘s (NASDAQ:MCAA) $973 million deal with Barca media announced in August.
Lynk claims to hold the only patented, proven, and commercially licensed sat2phone system globally, having demonstrated two-way connectivity on all continents, providing SMS, emergency alerts, voice calls, and data services.
By going public, the company hopes to extend its satellite-direct-to-device services, and Rodriguez has pledged to help boost its marketing.
Lynk’s investment highlights include its patented technology compatible with various cellular devices, successful satellite launches, and operational presence across multiple countries.
Satellite-direct-to-device is poised to become a growing sub-sector in telecom as it can address black spots and remote areas lacking traditional cell coverage at significantly lower operating expenses compared to ground-based towers.
Under the terms of the LOI, the combined company would operate as Lynk Global, Inc. Once completed in the second half of 2024, its common stock and warrants are expected to be listed on the Nasdaq under the ticker symbol “LYNK” and “LYNKW,” respectively.
As for Slam, it originally raised $575 million in total proceeds from its IPO in February 2021, but has seen an aggregate of 55.94% of redemptions from shareholders during previous meetings. It currently has approximately $258.43 million in its trust and has a completion deadline of February 23.
The SPAC previously held discussions with Panini SpA, a sports card maker. However, the deal collapsed in 2021 after the collectibles maker lost exclusive licenses related to the NBA and NFL.
Since there is no guarantee that this LOI will make it to the definitive agreement stage, Slam’s page will stay in SPACInsider’s searching column for now.
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