The companies anticipate closing the transaction in the second half of 2024.
Lynk Global and Slam Corp., a special purpose acquisition company, have formally entered into a definitive business combination agreement. Under this agreement, Slam will merge with Lynk, forming Lynk Global Holdings, Inc., with plans for its common stock to be listed on Nasdaq under the ticker symbol LYNK.
Speaking about the merger, Charles Miller, CEO of Lynk, said: With technology proven on all seven continents, and 36 full commercial contracts with partners that currently provide coverage to hundreds of millions of subscribers in approximately 50 countries, Lynk has the potential to provide continuous wireless connectivity to billions of people around the world, using the unmodified phones they use today.
Alex Rodriguez, CEO of Slam, added: Lynk seeks to connect the world by extending cell coverage everywhere. We are thrilled to announce this business combination agreement, which positions the combined company to capitalise on the massive, $1tn mobile wireless market as Lynk solves a core problem for more than 5bn cell phone users around the globe today. The combined company is set to deliver Lynks innovative, patented technology to areas that need it most and connect the more than two billion unconnected people worldwide.
To support its expansion plans, Lynk has engaged BTIG, LLC to raise additional capital ahead of the business combination with Slam. The proceeds from this financing will facilitate satellite production, secure launches, and support satellite design and operations, including the development of a constellation of Low-Earth Orbit satellites. These satellites aim to enable global communications using existing standard cellphone technologies, without requiring hardware or software modifications.
Charles Miller continued: Through our proposed business combination with Slam, we believe Lynk will be well-positioned to raise capital through several avenues. The capital we intend to raise will accelerate our growth as we execute our plan to launch many more cell-towers-in-space.
Lynks patented sat2phone technology, compatible with any unmodified cellular device from 2G to 5G, has been tested and proven across 25 countries on all continents. The company has signed 36 full commercial contracts with partners, providing coverage in approximately 50 countries.
Under the terms of the agreement, the transaction values Lynk at a pre-money enterprise value of $800m. Upon completion of the Business Combination, expected proceeds will be utilised to secure launch timing and support satellite design, manufacturing, and operations, marking a significant step towards achieving global connectivity goals.
