A rendering of Lynk’s satellite-to-cell concept. Photo: Lynk Global

Slam Corp., the special purpose acquisition company (SPAC) planning to merge with Lynk Global, was delisted from the Nasdaq on Aug. 27 as the company pushed back its deadline to complete the merger.  

Slam Corp. said in a press release the delisting was “anticipated” and in line with Nasdaq rules. Slam Corp. shares are now trading on the OTC Markets to continue market activity. 

Lynk Global and the Alex ‘A-Rod’ Rodriguez-led SPAC Slam Corp. announced plans to merge in December 2023. According to the news release, this plan is “unaffected” by the change in listing. The previous deadline to complete the merger was August 31, 2024 and it is now pushed back to to December 25, 2024. 

Slam CFO Ryan Bright commented: “Slam and Lynk remain committed to the de-SPAC transaction and have extended the termination date of the Business Combination until December 25, 2024. This expected transition from the Nasdaq to the OTC Market is a procedural measure due to a timing requirement from the exchange. We look forward to seeing the company trading on the Nasdaq once again at the close of the transaction.”

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 satellite-to-cell market is developing rapidly, and Verizon announced a deal with week with Skylo to provide service to Verizon customers.