Lynk Global to become public through Slam Corp. combination

Lynk Global and Slam Corp. (SLAM) announced that they have entered into a definitive business combination agreement under which Slam will combine with Lynk. Upon completion, the combined company will operate as Lynk Global Holdings, Inc. and its common stock is expected to be publicly listed on Nasdaq under the ticker symbol (LYNK). Lynk has engaged BTIG to raise additional capital ahead of the closing of the business combination with Slam. Proceeds from the anticipated financing will be used to produce more satellites, secure launches, and support satellite design and operations. This is expected to include the continued development, manufacturing and launch of a constellation of Low-Earth Orbit satellites. The constellation will complement the three commercially-licensed Lynk satellites that are currently in orbit and is intended to enable global communications using radiofrequency spectrum licensed to mobile network operators without hardware or software modification to existing standard cellphone technologies. 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. Under the terms of the business combination agreement, the transaction values Lynk at a pre-money enterprise value of $800M. Upon completion of the transactions contemplated by the business combination agreement, the expected proceeds will be used to secure launch timing and support satellite design, manufacturing and operations. The boards of directors of Lynk and Slam have each approved the proposed business combination, the consummation of which is subject to various customary closing conditions, including the filing and effectiveness of a Registration Statement on Form S-4 with the SEC, and the approval of the shareholders of Lynk and Slam. Completion of the proposed business combination is expected in the second half of 2024.