Proem Acquisition Corp I (PAAC) News & EventsPAACProem Acquisition Corp I

Astro Digital and Proem to Merge, Valued at Approximately $587M

Astro Digital, US and Proem Acquisition Corp I announced that they have entered into a definitive business combination agreement. Upon closing of the business combination, Proem will be named Astro Digital Holdings, Inc. and is expected to trade on Nasdaq following closing, which is anticipated in the first quarter of 2027, subject to certain closing conditions. The business combination values Astro Digital at a pro forma post-money enterprise value of approximately $587M. The transaction will be funded by up to approximately $180M in gross proceeds, comprising up to $130M of cash held in Proem's trust account and approximately $50M from PIPE investments led by Proem Asset Management and Leon Capital Group, of which Proem Asset Management and its affiliates have committed $25M. The transaction has been unanimously approved by the boards of directors of both Astro Digital and Proem and is expected to close in the first quarter of 2027

Astro Digital and Proem to Merge, Valued at Approximately $587 Million

Astro Digital and Proem Acquisition Corp I entered into a definitive business combination agreement. Upon closing of the business combination, Proem will be named Astro Digital Holdings, Inc. and is expected to trade on Nasdaq following closing, which is anticipated in the first quarter of 2027, subject to certain closing conditions. Astro Digital designs, manufactures, and operates satellite systems and mission support services for applications such as earth observation, communications, space infrastructure and defense applications. Since 2018, Astro Digital has delivered nearly 40 satellites across 16 distinct mission types and has served more than 30 customers including NASA, the Department of Defense, Boeing, and Sony. Its platforms have enabled a series of industry firsts, including Starcloud-1, which in November 2025 carried the first NVIDIA H100 GPU into orbit and has since run large language model training and inference on orbit; Mandrake, which demonstrated optical inter-satellite links for DARPA and the Space Development Agency; and Otter Pup 1 and 2, a mission demonstration for rendezvous, proximity operations and docking for Starfish Space. The business combination values Astro Digital at a pro forma post-money enterprise value of approximately $587M. The transaction will be funded by up to approximately $180M in gross proceeds, comprising up to $130M of cash held in Proem's trust account and approximately $50M from PIPE investments led by Proem Asset Management and Leon Capital Group, of which Proem Asset Management and its affiliates have committed $25M. The transaction has been unanimously approved by the boards of directors of both Astro Digital and Proem and is expected to close in the first quarter of 2027, subject to approval by Proem's shareholders, the satisfaction of a minimum cash condition of $30 million, the effectiveness of a registration statement on Form S-4 to be filed with the U.S. Securities and Exchange Commission, and other customary closing conditions. Astro Digital's existing management team, led by Co-Founder and CEO Chris Biddy and CFO and EVP of Operations Michael Wilson, will continue to lead the combined company. Imran Khan, Chairman and CEO of Proem and Founder and Chief Investment Officer of Proem Asset Management, will join the board of directors of the combined company at closing, alongside current Astro Digital directors Adrian Steckel, former CEO of OneWeb, and Dr. Derek Tournear, former director of the Space Development Agency.