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

Lynk Global filed counterclaims against its SPAC sponsor in a dispute over plans to merge and become a public company. 

In June, special purpose acquisition company (SPAC) Slam Corp filed a complaint against Lynk in a Delaware court, aiming to prevent Lynk from terminating the business combination agreement between the companies. It also alleges that Lynk breached the agreement and seeks an order that would require Lynk to complete the merger. 

The SPAC, led by former baseball star Alex ‘A-Rod’ Rodriguez, announced plans to take the satellite direct-to-cell startup public in late December 2023, but the merger has not taken place. 

Lynk announced on July 2 it has filed a counterclaim, which is expected to be publicly available on July 7. 

“Lynk intends to vigorously defend itself against SLAM’s meritless claims and will continue to assert its rights under the business combination agreement (BCA),” the company said in a statement. 

A recent SEC filing from Slam Corp reports that holders of roughly 1,880,000 shares in the SPAC elected to redeem their shares for cash in June. Lynk said there are “minimal funds remaining in trust,” and more than 99% of shareholders have redeemed their shares since Slam Corp made its initial public offering in 2021.