Spac Sponsored by A-Rod Fails to Deliver, Scrapping Long-Awaited Merger with Lynk
In a significant development, the merger between Slam Corp. and Lynk Global has been terminated by mutual agreement as of late July 2025. The planned merger via a special purpose acquisition company (SPAC) was officially ended after a period of legal disputes and delays.
The main reasons for termination include legal conflicts, delays, and a strategic shift by Lynk Global. Slam Corp. initially accused Lynk of slow-walking the merger, allegedly in an attempt to force the deal to fail. This led to a lawsuit being filed by Slam Corp. against Lynk in June 2025, alleging breach of terms and bad faith in completing the merger. Lynk countered these claims as baseless.
Despite the original announcement in December 2023 and the agreement being signed early in 2024, the merger faced multiple delays, with a termination deadline of June 30, 2025. Slam Corp. initiated legal action to enforce the deal due to the falling likelihood of completion.
Following the settlement and termination, Lynk Global stated that the merger agreement had constrained its strategic and commercial options. Now free from the agreement, Lynk aims to focus on expanding its direct-to-device satellite connectivity via partnerships such as with SES and global mobile network operators.
Slam Corp., a SPAC formed by Alex Rodriguez, raised more than $500 million at its IPO. However, the value of Slam Corp.'s shares has decreased significantly since its IPO, with the shares currently worth about $179 million. This is significantly less than the $575 million in publicly traded shares Slam had shortly after its IPO.
The outlook for Slam Corp. is currently uncertain. 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. Many Slam investors have redeemed their shares for cash over time.
The termination was mutually acceptable and completed as part of a settlement of related litigation in the Delaware Court of Chancery. The lawsuit filed by Slam Corp. against Lynk Global has been dropped as part of the merger dissolution.
| Aspect | Details | |-------------------------|---------------------------------------------------------------------| | Merger parties | Lynk Global & Slam Corp (SPAC led by Alex “A-Rod” Rodriguez) | | Announcement | December 2023 | | Agreement signed | Early 2024 | | Termination declared | July 2025 | | Cause | Legal disputes, breach allegations, multiple delays, strategic shift | | Outcome | Mutual termination of merger agreement; litigation settled | | Future focus of Lynk | Direct satellite-to-device service, partnerships with SES and MNOs |
[1] BusinessWire
[2] Reuters
[3] CNBC
- Despite the termination of the merger between Slam Corp. and Lynk Global, Lynk Global plans to invest in expanding its direct-to-device satellite connectivity by pursuing partnerships such as with SES and global mobile network operators.
- The falling value of Slam Corp.'s shares, originally worth over $500 million at its IPO in 2023, has significantly decreased to about $179 million, indicating a challenging outlook for the finance sector and the future of this SPAC.
