Slam and Lynk Global Announce Definitive Business Combination Agreement
New York, NY, February 5, 2024–Satellite-direct-to-standard-phone provider Lynk Global, Inc.and Slam Corp. (NASDAQ: SLAM), a special purpose acquisition company, today 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”.
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, said, “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 capitalize on the massive, $1 trillion mobile wireless market as Lynk solves a core problem for the more than five billion cell phone users around the globe today. The combined company is set to deliver Lynk’s innovative, patented technology to areas that need it most and connect the more than two billion unconnected people worldwide.”
Lynk has engaged BTIG, LLC to raise additional capital ahead of the closing of the business combination with Slam. Proceeds from the anticipated financing will be used to produce more satellites, secure launches, and support satellite design and operations. This is expected to include the continued development, manufacturing and launch of a constellation of Low-Earth Orbit satellites. The constellation will complement the three commercially-licensed Lynk satellites that are currently in orbit and is intended to enable global communications using radiofrequency spectrum licensed to mobile network operators (“MNO”) without hardware or software modification to existing standard cellphone technologies.
Charles Miller added, “Through our proposed business combination with Slam, we believe Lynk will be well-positioned to raise capital through several avenues. The capital we intend to raise will accelerate our growth as we execute our plan to launch many more ‘cell-towers-in-space’.”
Under the terms of the business combination agreement, the transaction values Lynk at a pre-money enterprise value of US$ 800 million. Upon completion of the transactions contemplated by the Business Combination Agreement (the “Business Combination”), 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 (the “Registration Statement”) with the Securities and Exchange Commission (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.
BTIG, LLC is serving as capital markets advisor and JonesTrading Institutional Services LLC is serving as financial advisor to Lynk Global, Inc. Goodwin Procter LLP is serving as legal counsel to Lynk Global, Inc. Kirkland & Ellis LLP is serving as legal counsel to Slam Corp. DLA Piper LLP (US) is serving as legal counsel to BTIG, LLC.