Proem Acquisition Corp I Ordinary Shares

PAAC: 425 · acquisition merger

Proem Acquisition Corp I announced a definitive business combination agreement with satellite maker Astro Digital on its investor call, with a targeted $50 million PIPE of which $25 million is already committed from Proem Asset Management and affiliates. Proem holds $130 million in trust from its February 2026 IPO, implying an approximately $587 million pro forma enterprise value for Astro Digital, or roughly 8x management's 2027 revenue targets. Astro Digital reported 2025 revenue of $34 million (up 37%), $5 million of adjusted EBITDA at a 14% margin, and backlog more than doubling to $63 million. It targets $50 million of 2026 revenue, $124 million by 2029, and aspirationally more than $500 million by 2032, while remaining EBITDA profitable. The deal positions Astro Digital as one of the few profitable space companies going public, in contrast to unprofitable peers like Redwire, BlackSky, and Planet Labs. Its customers include NASA, Boeing, Starcloud, and Starfish Space, and its Corvus platforms have flown the first NVIDIA H100 GPU in orbit for Starcloud's orbital data center ambitions.

SEC 425•28d ago

PAAC: 8-K · acquisition merger

Proem Acquisition Corp I (Nasdaq: PAAC) has signed a definitive merger agreement dated September 26, 2026 to acquire Astro Digital US, Inc., an aerospace company providing modular satellite technology infrastructure and mission support services, for a base purchase price of $525 million plus the aggregate exercise price, paid in Parent Common Shares at an implied $10.00 per share. The transaction includes a Cayman-to-Delaware domestication, a $50 million PIPE financing (5 million shares at $10.00, of which $25 million comes from Sponsor affiliates), and a repurchase of shares from selling Company stockholders using 20% of PIPE proceeds. Post-closing, the combined company will be renamed Astro Digital, Inc. with a seven-member board, four of whom are designated by Astro Digital. Closing is subject to shareholder approvals, S-4 effectiveness, Nasdaq listing approval, and a $30 million minimum cash condition, with an outside closing date of April 26, 2027. The deal is SPAC-dependent, so redemption levels and minimum cash compliance are key watch items; termination fees are modest ($200,000-$400,000 Company side; $300,000 Parent side).

SEC 8-K•28d ago

Astro Digital, Premier Builder of Satellites for Commercial, Civil and Defense Applications, to Become Public Through Merger with Proem Acquisition Corp I

Proem Acquisition Corp I (Nasdaq: PAAC) signed a definitive agreement to merge with satellite maker Astro Digital, valuing the target at approximately $587 million pro forma post-money enterprise value. The deal is funded by up to ~$180 million in gross proceeds: up to $130 million of trust cash plus a $50 million PIPE co-led by Proem Asset Management and Leon Capital Group, with closing expected in Q1 2027 subject to a $30 million minimum cash condition and S-4 effectiveness. Astro Digital claims 42% two-year revenue CAGR with positive adjusted EBITDA, nearly 40 satellites delivered for customers including NASA, DoD, Boeing and Sony, and a backlog that doubled last year. Proem CEO Imran Khan, formerly Snap's Chief Strategy Officer, will join the combined company's board, which will list on Nasdaq as Astro Digital Holdings, Inc.

•28d ago