The SPAC that planned to combine with Lynk Global<\/b> has filed a complaint against the company, which Lynk disputed in a Tuesday statement. <\/p>\n
Slam Corp.<\/b>, a special purpose acquisition company (SPAC) led by former baseball star Alex \u2018A-Rod\u2019 Rodriguez, filed a complaint against Lynk in a Delaware court on June 19.<\/p>\n
According to Slam Corp.\u2019s SEC filings, the complaint looks to prevent Lynk from terminating the business combination agreement between the companies. It also alleges that Lynk breached the agreement and seeks an order that would require Lynk to complete the merger. According to the filing, the Court of Chancery of the State of Delaware issued an order on June 20 to expedite the case. <\/p>\n
Lynk and Slam Corp first announced in late December 2023 they planned to combine in a SPAC deal to take Lynk public and target the opportunity in direct-to-device (D2D) communications. Yet the merger has been pushed back and still has not been completed. <\/p>\n
Lynk issued a statement on Tuesday disputing the complaint. <\/p>\n
\u201cLynk believes Slam\u2019s claims are baseless. Lynk will vigorously defend against them and intends to file counterclaims,\u201d the company said. \u201cLynk\u2019s new management team and partners remain focused on strengthening the company\u2019s competitive position and executing its roadmap to deliver D2D services globally.\u201d <\/p>\n
According to Lynk, the business combination agreement has a termination date of June 30, 2025.<\/p>\n
Last year, Lynk appointed former Intelsat President Ramu Potarazu as CEO. In March, SES announced that it would invest in Lynk\u2019s Series B round to fund the company\u2019s direct-to-device constellation and serve as a channel partner to distribute D2D connectivity. Lynk has not announced if the Series B round is closed or how much it raised. <\/p>\n","protected":false},"excerpt":{"rendered":"
The SPAC that planned to combine with Lynk Global has filed a complaint against the company, which Lynk disputed in a Tuesday statement. Slam Corp., a special purpose acquisition company (SPAC) led by former baseball star Alex \u2018A-Rod\u2019 Rodriguez, filed a complaint against Lynk in a Delaware court on June 19. According to Slam Corp.\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":48876,"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-48931","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\/48931"}],"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=48931"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/48931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/48876"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=48931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=48931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=48931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}