Latest news with #LynkGlobal
Yahoo
4 hours ago
- Business
- Yahoo
A-Rod SPAC Strikes Out, Canceling Long-Pending Merger With Lynk
Slam Corp., the SPAC formed by Alex Rodriguez that raised more than $500 million at its IPO during the height of the sports SPAC craze, told investors Thursday evening that it has called off its long-delayed merger with satellite phone service provider Lynk Global. 'Termination was on mutually acceptable terms and was completed as part of the full dismissal and settlement of related litigation in the Delaware Court of Chancery, which was commenced on June 19, 2025,' the company said in a regulatory filing. 'The settlement agreement provides that Lynk will make a deferred payment to Slam within the next two years that is significantly less than Slam's current liabilities.' More from A-Rod Again Confronts 'Seller's Remorse' in Slam SPAC Spat Kevin Durant, Livvy Dunne Invest in PE-Backed Spindrift DraftKings the Exception to Sports SPACs' Dire Track Record Slam has about $612 million in liabilities on its balance sheet, almost all of which probably accounts for warrants issued as part of its IPO and continued efforts to retain investors. The company has $1.15 million in other, more common, liabilities, including accrued expenses, long-term debt and accounts payable, according to data compiled by S&P Global Market Intelligence. The baseball great and new owner of the Minnesota Timberwolves formed Slam in 2021 to pursue the acquisition of a sports, media, entertainment or health and wellness-related business. At the time of its IPO, Slam was part of a wave of blank-check businesses associated with sports figures and seeking sports properties, sparked by the success of DraftKings' merger with a SPAC. The market soon fell headlong in a prolonged slump after most of the business combinations secured by SPACs turned out to be terrible deals for shareholders. A-Rod's pivot to merge with Lynk, which is still in development stage, was a relative success when announced in late 2023. However, the two parties ran into trouble; Slam accused Lynk of slow-walking the merger in an attempt to force the deal to fail. Last month Slam filed a lawsuit against Lynk in Delaware for that reason, but Lynk disagreed. The merger dissolution includes dropping of all legal claims. The outlook for Slam itself is uncertain. SPAC shareholders have the option at certain points to redeem their shares for cash, and many Slam investors have done so over time. Right now Slam has about 15.5 million shares, according to a June filing. They are worth about $179 million, far less than the $575 million in publicly traded shares Slam had shortly after its IPO. Best of Most Expensive Sports Memorabilia and Collectibles in History The 100 Most Valuable Sports Teams in the World NFL Private Equity Ownership Rules: PE Can Now Own Stakes in Teams
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Why Rogers' new satellite-to-mobile messaging service could be a pivotal moment in public safety
A first-of-its-kind service in Canada that connects mobile phones to low-orbit satellites could be a game changer for residents without cell service in remote areas of the country, as well as a pivotal moment in public safety. The satellite-to-mobile service , announced by Rogers last week, will allow subscribers without traditional cell service to send and receive text messages, including text-to-911 emergency services if they are enabled by municipalities. Rogers will eventually expand the technology to support apps, data and voice services. Once voice service is available, it will mean that anyone with a smartphone featuring satellite connectivity, available in newer models, will have access to 911-only voice services, not just subscribers. The technology could fill gaps in cell service across the country. Until last year, the Village of Clayton, southwest of Ottawa in Lanark Country, was in a so-called 'dead zone.' Clayton got its first cell tower in June last year. Five more towers are needed to provide coverage to all rural residents and roads. 'We had an incident one time where someone had a cardiac arrest at a ball field,' said Kurt Greaves, the chief administrative officer for Lanark County, who said bystanders had difficulty contacting paramedics. 'You don't realize how much you rely on everybody having 911 in their pocket until you actually need it.' 'Anytime you can improve communication it's fantastic,' said Greaves. The technology also has the potential for use as part of Canada's National Public Alerting System, which enables emergency management organizations across the country to send public warnings about impending danger or disasters. The 'Holy Grail' of Rogers satellite-to-mobile technology, said Carmi Levy, an independent technology analyst, is a fleet of nearly 8,000 low-orbit satellites operated by SpaceX's Starlink that fly about 550 kilometres above Earth. Premier Doug Ford cancelled a $100-million contract to provide satellite internet to 15,000 remote homes and businesses in Canada with Starlink, owned by Elon Musk, in March in retaliation for the Trump tariffs. Levy said the sheer number of satellites, combined with their proximity to Earth, means that users can connect in real time when compared with traditional satellites, which orbit at 35,000 kilometres, severely limiting their usability because of delays in bouncing the signal up and then back down. Traditional satellite phones have 'been seen only as a stopgap solution until better technology is available,' said Levy. 'This is that better technology.' A U.S. company, Lynk Global, provides the final piece of the puzzle, converting the satellite signal into one that is compatible with a cellphone. Rogers is offering the service to all Canadians regardless of their mobile carrier — for example a Bell subscriber who wants to sign up for the satellite-to-mobile technology because they don't have cell service at the cottage — through a free beta trial that will run until October. The technology is only necessary in places without cell service because smartphones default to cell in areas with coverage. There are limitations though. Users need a clear view of the sky as well as a fairly new cellphone that has been satellite optimized . Currently, the service is available south of the 58th parallel, which excludes Canada's northern territories. The CRTC directed telephone and wireless companies to upgrade their systems to allow text-to-911 service, which they have done, according to the CRTC. But 911 call centres, operated provincially and municipally, would also have to upgrade their systems to enable the service, which is typically meant for use by hearing- or speech-impaired Canadians. The announcement though couldn't be timelier, coming out on the same day as news from the Canadian Radio-television and Telecommunications Commission that is it holding public consultations to improve Canada's National Public Alerting System, including ways to fill gaps in the system. The commission was unaware that Rogers was launching the new service, but said in an interview that the technology could potentially be used to send out alerts, which are disseminated by a company called Pelmorex Corp., owned by the Weather Network. Pelmorex sends alerts via television and radio, as well as cell broadcasts, a mobile technology that sends messages to compatible wireless devices within a geographic area, which is a different technology than the text messaging being offered by Rogers Satellite. But the CRTC is open to discovering whether the new technology is compatible, which Rogers says it is. ' Definitely as part of this consultation, we want to learn from the industry on what are the technical aspects that need to be solved in order to extend those alerts to other technologies, including satellite,' said a CRTC spokesperson. Critics have called for a review of the alert system, which was under intense scrutiny for not being used by the RCMP in 2020 in Nova Scotia during a shooting rampage in which 22 people were killed. 'Our concern is not so much that there will be another terrible incident,' said Monica Auer, executive director of Forum for Research and Policy in Communications, which has called for a review, 'but rather it is incumbent on the regulatory authority to actually let us know how well the system is working, and to do that regularly.' In his interview with the Star, Levy recounted driving through a massive storm on the Trans-Canada Highway near Sault Ste. Marie recently and only realized, when he hit an area with cell service, that alerts had been issued for tornadoes. 'There are so many areas across Canada that literally do not have service,' said Levy. 'And that is a massive problem that is not talked about as much as it should be,' he said. 'Solutions like Rogers Satellite help close that gap and shine the light on this gnawing problem in rural parts of Canada.' The satellite-to-mobile technology launched by Rogers has been in use in a number of markets around the world including the U.S., New Zealand, Japan and Australia. Rogers said it is working with its partners to enable voice as quickly as possible and will share updates of the system with its customers.
CTV News
15-07-2025
- Business
- CTV News
Rogers launches satellite-to-mobile text messaging beta trial
Rogers Communications signage is pictured in Ottawa on Tuesday, July 12, 2022. THE CANADIAN PRESS/Sean Kilpatrick TORONTO — Rogers Communications Inc. has launched a new satellite-to-mobile text messaging service, marking the latest step in its partnership with SpaceX and Lynk Global to eventually deliver full satellite-to-phone coverage across apps, data and voice service. The company said its Rogers Satellite text service, which also includes text-to-911 capability, is available to all Canadians regardless of their mobile carrier, through a free beta trial that will run until October. The technology uses SpaceX's Starlink low-earth orbit satellites and Rogers' national wireless spectrum to automatically connect cellphones in areas without cell service. Rogers said the satellites act like cell towers in space, providing a connection if there's a clear view of the sky. It's meant to help customers stay connected in some of the most remote parts of Canada and along rural highways. A coverage map posted online by the company shows its satellite service is available in Canada south of the 58th parallel — near the border of the three territories — excluding specific regions, 'in most outdoor areas where you can see the sky.' It cautions that satellite service, including text-to-911, may sometimes be delayed, limited or unavailable. The partnership with Elon Musk's SpaceX and Virginia-based Lynk was originally announced in April 2023. By December of that year, Rogers said it had passed a key milestone by completing a test call using Lynk's low-earth orbit satellites and its own wireless spectrum. Rogers president and CEO Tony Staffieri said Tuesday's announcement 'represents the next big leap in wireless connectivity.' 'We're proud to introduce this ground-breaking technology to help Canadians stay safe and connected in more places,' Staffieri said in a press release. The announcement also included positive feedback from organizations such as the BC Search and Rescue Association, the Search and Rescue Association of Alberta, and the Northwestern Ontario Municipal Association. 'Rogers Satellite is a game changer for public safety in Alberta,' said Brian Carriere, president of the Alberta group, in the press release. 'This advancement improves our ability to respond faster and more effectively, ultimately saving lives and enhancing the safety of both the public and our SAR volunteers.' Rogers said it plans to continue to test and optimize Rogers Satellite services throughout the beta trial. Following the trial, Rogers Satellite will be included at no additional cost to customers on the Rogers Ultimate plan — currently priced at $85 per month — and will be available to others for $15 per month. Customers participating in the beta trial will receive a monthly $5 discount for one year. Telecommunications industry watchers have touted satellite connectivity as a potential solution for solving resiliency challenges, improving rural and remote connectivity, and increasing competition in the sector. In June 2024, the federal government launched a consultation into the expansion of wireless services through satellite technology, with then-industry minister François-Philippe Champagne hailing it as 'the next frontier where Canadians will be able to use their current phone ... to have absolute connectivity.' Champagne also said in an interview at the time that with natural disasters on the rise, satellite connections could serve as a backup when traditional networks go down due to power outages. Other Canadian carriers have been working to develop similar services. Telus Corp. said it successfully trialled mobile-to-satellite technology in late 2023 in partnership with Montreal-based telecom provider TerreStar Solutions Inc. and non-terrestrial network service provider Skylo. In September 2024, the federal government announced a $2.14-billion loan to satellite operator Telesat to help that company build its broadband satellite constellation, called Lightspeed. The government said Lightspeed would enable people in the most remote parts of the country, including in Indigenous communities, mines and forestry companies, to access cheaper, more reliable internet. This report by The Canadian Press was first published July 15, 2025. Companies in this story: (TSX:RCI.B) Sammy Hudes, The Canadian Press
CBC
15-07-2025
- Business
- CBC
Rogers launching new satellite-to-mobile text messaging trial
Rogers Communications Inc. has launched a new satellite-to-mobile text messaging service, marking the latest step in its partnership with SpaceX and Lynk Global to eventually deliver full satellite-to-phone coverage across apps, data and voice service. The company says its Rogers Satellite text service, which also includes text-to-911 capability, is available to all Canadians through a free beta trial that will run until October. The technology uses SpaceX's Starlink low-earth orbit satellites and Rogers' national wireless spectrum to automatically connect cellphones in areas without cell service. It's meant to help customers stay connected in some of the most remote parts of Canada and along rural highways. Rogers president and CEO Tony Staffieri says the announcement "represents the next big leap in wireless connectivity." Following the trial, Rogers Satellite will be included at no additional cost to customers on the Rogers Ultimate plan and will be available for all Canadians for $15 per month.
Hamilton Spectator
15-07-2025
- Business
- Hamilton Spectator
Rogers launches satellite-to-mobile text messaging beta trial
TORONTO - Rogers Communications Inc. has launched a new satellite-to-mobile text messaging service, marking the latest step in its partnership with SpaceX and Lynk Global to eventually deliver full satellite-to-phone coverage across apps, data and voice service. The company says its Rogers Satellite text service, which also includes text-to-911 capability, is available to all Canadians through a free beta trial that will run until October. The technology uses SpaceX's Starlink low-earth orbit satellites and Rogers' national wireless spectrum to automatically connect cellphones in areas without cell service. It's meant to help customers stay connected in some of the most remote parts of Canada and along rural highways. Rogers president and CEO Tony Staffieri says the announcement 'represents the next big leap in wireless connectivity.' Following the trial, Rogers Satellite will be included at no additional cost to customers on the Rogers Ultimate plan and will be available for all Canadians for $15 per month. Customers participating in the beta trial will receive a monthly $5 discount for one year. This report by The Canadian Press was first published July 15, 2025. Companies in this story: (TSX:RCI.B)
