Astro Digital to go public via $587 million SPAC merger with Proem
Astro Digital · Proem Acquisition Corp I
Satellite maker Astro Digital is going public via a SPAC merger with Proem Acquisition Corp I at a $587 million enterprise value.
what happened
Astro Digital agreed to go public through a merger with blank-check company Proem Acquisition Corp I (Nasdaq: PAAC) in a deal valuing the satellite manufacturer at approximately $587 million enterprise value, per the companies' joint SEC filing. The combination is expected to deliver up to roughly $180 million in gross proceeds, comprising up to $130 million from Proem's trust account and about $50 million in PIPE financing led by Proem Asset Management and Leon Capital Group, to expand Astro Digital's production capacity and sales organization. The deal is expected to close in the first quarter of 2027, after which the combined company will trade on Nasdaq as Astro Digital Holdings.
why it matters
Astro Digital says it has delivered nearly 40 satellites for over 30 customers since 2018 while growing revenue at a 42% two-year compound rate and staying adjusted-EBITDA positive; going public via SPAC merger gives it public-market capital to expand manufacturing capacity and pursue new commercial, civil and defense satellite-bus contracts.
signal-to-noise
quick facts
- Companies
- Astro Digital, Proem Acquisition Corp I
- Category
- financial
- Impact
- major
- SNR
- 5 / 5
- Event date
- 2026-09-28
- Published
- 2026-09-29 17:30 UTC