Lynk Global plans to go public through a SPAC merger with Alex Rodriguez’s SPAC, Slam Corp. Photo: Slam Corp

Satellite startup Lynk Global, which has proven satellite-to-cell technology, plans to go public through a special purpose acquisition company (SPAC) merger with Alex Rodriguez’s SPAC, Slam Corp. 

Lynk and Slam Corp. announced Monday they have signed a non-binding letter of intent for a potential business combination. They intend to finalize the business combination in the coming weeks. The combined company is expected to be valued at no less than $800 million. 

Monday’s announcement is a splashy return of the space SPAC with baseball star Rodriguez, known as A-Rod, looking to invest in space. Rodriguez is considered one of the best baseball players of all time. He played his final game for the New York Yankees in 2016 and is now an entrepreneur and investor through his company A-Rod Corp, and has been an investor on Shark Tank.  

SPACs — blank check companies — have largely fallen out of favor with space companies after a spree of deals in 2021. SPAC activity curtailed in 2022 after Terran Orbital went public in March 2022. Other SPACs like Tomorrow.io were canceled, and suborbital balloon tourism company World View just canceled a planned SPAC last month. A number of companies that went public in the wave of space SPACs have since done reverse stock splits to keep their share price high enough to remain trading. Terran Orbital CEO Marc Bell recently said the company’s SPAC was a “dumb idea” and he would never do it again.

Lynk Global CEO Charles Miller said in a statement that being a public company will give Lynk greater access to capital to bring satellite direct-to-device services to more people. 

The Slam Corp. blank check company went public in February 2021. Rodriguez said in a statement that Lynk is a “perfect fit” for its investment criteria.

“We are impressed by its innovative technology and proven ability to scale. The combined company is positioned to make a tremendous global impact, potentially providing broadband access to billions of people currently underserved by a lack of mobile connectivity,” Rodriguez said. 

Lynk’s business is “cell towers in space,” satellites that can connect with unmodified mobile phones to provide service outside the reach of cellular networks. The company has three satellites in space and has begun operations in four countries. Its technology has been tested in over 25 countries, and Lynk has 35 commercial contracts. 

The Slam SPAC is currently facing a deadline to complete a merger on or before Feb. 25, 2024. The SPAC is asking shareholders to approve an extension, extending the deadline to December 25, 2024.