All posts tagged: Lynk Global

Lynk forges ahead with public market debut despite SPAC’s dwindling reserves

Lynk forges ahead with public market debut despite SPAC’s dwindling reserves

Satellite-to-phone connectivity provider Lynk Global will head to the public markets via a merger with a shell company led by former professional baseball player Alex Rodriguez. The two companies confirmed the deal on Monday after announcing a non-binding LOI with Rodriguez’s special purpose acquisition company (SPAC), Slam Corp, in December. According to an investor presentation filed with regulators, the deal could give Lynk a $913.5 million post-money valuation. Much of the capital from the transaction will not come from the SPAC itself, however. In that same presentation, Lynk says around $800 million of the new capital will come from existing shareholder equity rollover, $110 million from private-investment-in-public-equity (PIPE) and a scant $25 million from cash held in trust by the SPAC. Lynk, which has already entered some international commercial markets including Palau, is looking to compete on an even larger scale with initiatives like Starlink’s emerging sat-to-cell, Apple’s Globalstar partnership and AST Space Mobile (which completed its own SPAC merger in April 2021). Lynk has launched eight satellites that it calls “cell towers in space,” …