California-based satellite manufacturer Astro Digital has announced a merger with the Nasdaq-listed SPAC Proem Acquisition Corp I. The transaction values the company at approximately $587 million on a pro forma post-money enterprise basis.
The deal is expected to generate up to $180 million in gross proceeds. This amount includes $130 million from the trust account of Proem Acquisition Corp I and $50 million from PIPE investments, with Proem Asset Management and Leon Capital Group leading the funding round.
Astro Digital reports that it has delivered nearly 40 satellites across 16 mission types for over 30 customers since 2018. The company's client list includes NASA, the U.S. Department of Defense, Boeing, and Sony. The firm claims a 42% annualized revenue growth over the last two years.
The merger is scheduled to close in the first quarter of 2027, subject to regulatory approvals, shareholder consent, and a minimum cash requirement of $30 million. CEO Chris Biddy and the current management team will continue to lead the company post-transaction.
