Lynk Global has raised over $85 million to expand its direct-to-smartphone satellite network, following growing momentum from SpaceX and AST SpaceMobile. The company plans to raise $215 million in total, more than double the amount sought last year. The sale includes warrants, allowing investors to buy shares at a predetermined price before expiration. The fundraising comes after most investors in Slam Corp, a publicly listed shell company led by former MLB star Alex Rodriguez, opted to redeem their shares for cash rather than take a stake in Lynk Global through a proposed merger. The companies have also outlined plans for a $110 million Private Investment in Public Equity (PIPE) alongside the SPAC merger. The market is picking up speed, with Lynk needing additional capital to scale its constellation, which uses cellular spectrum to extend the reach of partner mobile operators in areas terrestrial infrastructure doesn’t reach.
Lynk Global Raises Over $85M for Satellite Network Expansion
• Lynk Global has raised over $85 million to expand its direct-to-smartphone satellite network.
• The Series B funding is more than double the amount sought last year, with plans to raise $215 million in total.
• The sale includes warrants, allowing investors to buy shares at a predetermined price before expiration.
• The funding comes after most investors in Slam Corp, a publicly listed shell company, opted to redeem their shares for cash rather than take a stake in Lynk Global through a proposed merger.
• Lynk Global plans to draw about $25 million from the trust in a February 2024 investor presentation to drum up support for its merger with the Special Purpose Acquisition Company.
• The companies have outlined plans for a $110 million Private Investment in Public Equity (PIPE) alongside the SPAC merger.
• The market is picking up speed, with Lynk needing additional capital to scale a constellation that uses cellular spectrum to extend the reach of partner mobile operators.
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