Ibadan, 6 February 2023. –Lynk Global, Inc., a satellite-direct-to-standard-phone (“sat2phone”) telecoms provider, and Slam Corp., a special purpose acquisition company (“Slam”), have announced entering 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 will publicly list on Nasdaq under the ticker symbol “LYNK”.
Lynk has also engaged BTIG, LLC, to raise additional capital ahead of the closing of the business combination with Slam. The Company will consequently leverage the proceeds from the anticipated financing to produce more satellites, secure launches, and support satellite design and operations.
This will potentially 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 that aim to enable global communications using radiofrequency spectrum licensed to mobile network operators (“MNO”) without hardware or software modification to existing standard cellphone technologies.
Speaking on the development, 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.”
Likewise, Alex Rodriguez, CEO of Slam, said, “We are happy 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.” He also added, “the combined company is ready to connect the more than two billion unconnected people worldwide.”