Merger between A-Rod's SPAC and Lynk called off, halting long-awaited union
In a significant development, Slam Corp., a satellite phone service provider Lynk Global, have mutually terminated their merger agreement as of July 2025. The decision came after a protracted legal dispute and constraints imposed by the agreement that limited Lynk’s strategic flexibility.
The merger, initially announced in late 2023 to take Lynk public via Slam’s special purpose acquisition company (SPAC), faced multiple delays before the eventual termination. Slam Corp., formed in 2021 to pursue the acquisition of a sports, media, entertainment, or health and wellness-related business, accused Lynk Global of slow-walking the merger, allegedly with the intent to force the deal to fail.
Lynk Global disputed these claims and the merger dissolution includes dropping of all legal claims. The settlement agreement states that Lynk will make a deferred payment to Slam within the next two years, which is significantly less than Slam's current liabilities, primarily due to warrants issued as part of its IPO and efforts to retain investors.
With the litigation resolved and the merger terminated, Lynk is now better positioned to pursue a broader set of strategic and commercial opportunities, especially in partnership with SES and global mobile network operator (MNO) partners. This termination reflects a broader trend of space-related SPAC deals failing to close in recent years.
Slam Corp. currently has approximately 15.5 million shares, according to a June filing. Many of its investors have redeemed their shares for cash over time, contributing to the reduction in the number of shares. The market for SPACs, including those associated with sports figures, has been in a prolonged slump. The shares are worth about $179 million, significantly less than the $575 million in publicly traded shares Slam had shortly after its IPO.
The market for SPACs soon fell into a prolonged slump after most of the business combinations secured by SPACs turned out to be terrible deals for shareholders. This termination was mutually acceptable and completed as part of a full dismissal and settlement of related litigation in the Delaware Court of Chancery, initiated on June 19, 2025.
Lynk Global, a satellite phone service provider, can now focus on its long-term satellite direct-to-device connectivity strategy without SPAC-related constraints. The company looks forward to exploring new partnerships and opportunities in the rapidly evolving satellite communications industry.
Slam Corp., with its focus on acquiring a business in sports, media, entertainment, or health and wellness, can now investigate alternative investment opportunities in the stock market, given the termination of the merger with Lynk Global. As Lynk Global has the freedom to pursue a broader set of strategic partnerships and commercial opportunities, it might consider investing in the rapidly growing satellite communications industry.
