Lynk’s laboratory in Virginia. Photo: Lynk

The special purpose acquisition company (SPAC) planning to merge with Lynk Global extended its deadline to complete the merger and must return more than $80 million after shareholders voted to redeem their shares. 

The shareholders of SPAC Slam Corp., led by baseball star and entrepreneur Alex ‘A-Rod’ Rodriguez voted to extend the deadline to complete the merger with Lynk Global from December 25, 2024 to March 25, 2025, according to a Dec. 26 regulatory filing. 

In addition, with this vote, shareholders of more than 7 million shares voted to redeem their shares. The SPAC trust must return $80.7 million to those shareholders, according to the filing. After these redemptions, the trust will have a balance of just $22.8 million. 

SPAC shareholders have the option to redeem their investment before the blank check SPAC and target company combine. 

The Lynk and Slam Corp SPAC was first announced in December 2023 and in August voted to extend the deadline to combine to December 2024. In November, Lynk named former Intelsat President Ramu Potarazu as CEO. 

Lynk’s business is in satellite to cellular connectivity and its satellites function as “cell towers in space,” to connect with unmodified mobile phones to provide service outside the reach of cellular networks. This market has gotten more competitive, with AST SpaceMobile launching the first five of its commercial satellites, SpaceX finishing the first shell of its direct-to-cell satellites, and Skylo gaining commercial momentum in 2024 as well.