Lynk Global’s SPAC Merger in Jeopardy
Deal News | Jun 24, 2025 | EIN
Lynk Global and Slam Corp, founded by former MLB player Alex Rodriguez, are embroiled in legal action over a failed SPAC merger. Slam Corp is suing Lynk Global to prevent it from abandoning their long-delayed merger. Investors have approved extending the merger deadline, despite Lynk claiming a termination date of June 30. Slam alleges Lynk breached the merger agreement, which Lynk denies, promising a vigorous defense. Originally scheduled for last year, the merger was delayed, with Slam reporting only $23.7 million remaining from its initial $575 million. While Slam faced investor redemptions, Lynk raised $85 million towards a Series B funding round and appointed former Intelsat executive Ramu Potarazu as CEO. Lynk is advancing its satellite services for unmodified smartphones amidst growing competition in the direct-to-smartphone satellite market.
Sectors
- Satellite Communications
- Special Purpose Acquisition Companies (SPACs)
- Telecommunications
Geography
- United States – Both Slam Corp and Lynk Global are based in the United States, which is significant to the merger discussion.
- Solomon Islands, Cook Islands, Palau – These countries are mentioned as locations where Lynk has developed capabilities for text and low-bandwidth services.
Industry
- Satellite Communications – The article discusses Lynk Global’s satellite services and its attempt to expand its satellite constellation for better connectivity.
- Special Purpose Acquisition Companies (SPACs) – Slam Corp, a SPAC, is at the center of the article, illustrating challenges in its planned merger with Lynk Global.
- Telecommunications – Lynk Global's partnerships with telecom companies to provide services to unmodified smartphones is a focus.
Financials
- $575 million – Funds raised by Slam Corp from its listing on the stock exchange.
- $23.7 million – Current funds remaining in Slam Corp's trust account as of June 5.
- $110 million – Planned Private Investment in Public Equity (PIPE) for the merger.
- $85 million – Amount raised by Lynk Global towards a $215 million Series B funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lynk Global | Target Company | Company | A satellite operator aiming to expand its constellation and services. |
| Slam Corp | Bidding Company | Company | A SPAC founded by Alex Rodriguez, involved in a delayed merger with Lynk Global. |
| Alex Rodriguez | Founder of Slam Corp | Person | Former MLB player, founder of Slam Corp. |
| SES | Investor | Company | An investor in Lynk Global, also involved in a merger with Intelsat. |
| Intelsat | Investor | Company | An investor in Lynk Global and merging with SES. |
| Ramu Potarazu | CEO of Lynk Global | Person | Former Intelsat executive appointed as CEO of Lynk. |