Lynk Global<\/b> and blank check company Slam Corp<\/b> have ended the deal to take Lynk public through a special purpose acquisition company (SPAC) merger. Lynk announced Monday the two parties mutually terminated their business combination agreement. <\/p>\n
This comes after Slam Corp filed a complaint against Lynk in a Delaware court in June over the planned merger, and Lynk then filed a counterclaim. Lynk said the parties settled all pending claims and counterclaims in the Delaware court. <\/p>\n
Slam Corp, a SPAC led by former baseball star Alex \u2018A-Rod\u2019 Rodriguez, announced plans to take the satellite direct-to-cell startup public in late December 2023, but the merger had been pushed back multiple times. <\/p>\n
\u201cWith the Delaware litigation resolved and the [business combination agreement] mutually terminated, Lynk is now better positioned to pursue a broader set of strategic and commercial opportunities that were previously constrained by the agreement,\u201d Lynk CEO Ramu Potarazu said in a statement. \u201cWe remain fully focused on executing our long-term vision and, in partnership with the newly merged SES and our global MNO partners, accelerating our mission to deliver mobile connectivity to anyone, anywhere \u2014 directly from space.\u201d <\/p>\n
In March, SES invested in Lynk to fund the company\u2019s direct-to-device constellation, relocate its manufacturing to Europe, and serve as a channel partner to distribute D2D connectivity.<\/p>\n
Lynk is not the first company with a SPAC deal that didn\u2019t close. Using SPACs to go public largely fell out of favor with space companies after a spree of deals in 2021. Tomorrow.io and World View also canceled SPAC plans in 2022 and 2023. <\/p>\n","protected":false},"excerpt":{"rendered":"
Lynk Global and blank check company Slam Corp have ended the deal to take Lynk public through a special purpose acquisition company (SPAC) merger. Lynk announced Monday the two parties mutually terminated their business combination agreement. This comes after Slam Corp filed a complaint against Lynk in a Delaware court in June over the planned […]<\/p>\n","protected":false},"author":1,"featured_media":48796,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-48795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/48795"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=48795"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/48795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/48796"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=48795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=48795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=48795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}