Astro Digital and Proem Acquisition Corp I (PAAC) agreed to merge, valuing Astro Digital at approximately $587 million in pro forma post-money enterprise value.
The deal could provide up to approximately $180 million in gross proceeds: up to $130 million from Proem’s trust, assuming no redemptions, and approximately $50 million in private investment. Proem Asset Management and its affiliates have committed $25 million of that investment. Both boards approved the agreement. Closing is expected in the first quarter of 2027, subject to Proem shareholder approval, at least $30 million in cash and an effective Form S-4 registration statement. Proem would then become Astro Digital Holdings and is expected to trade on Nasdaq. Astro Digital reported a 42% two-year revenue compound annual growth rate, positive adjusted EBITDA and a backlog that doubled last year. Its financial information is unaudited and preliminary.
Proem Acquisition Corp I (NASDAQ:PAACU) closed its initial public offering of 13,000,000 units at $10.00 per unit on February 13, 2026, generating $130,000,000 gross proceeds before underwriting discounts and offering expenses.
Each unit contains one ordinary share and one-half warrant; whole warrants exercise at $11.50. The units began trading on the Nasdaq Global Market under PAACU on February 12, 2026. The company granted a 45-day 15% over-allotment option for up to 1,950,000 additional units.
Proem Acquisition Corp I (PAAC) priced an initial public offering of 13,000,000 units at $10.00 per unit for gross proceeds of approximately $130,000,000. Each unit contains one ordinary share and one-half of a redeemable warrant.
Units are expected to begin trading on the Nasdaq Global Market as PAACU on February 12, 2026, with ordinary shares and warrants expected to trade as PAAC and PAACW after separation. The offering is expected to close February 13, 2026, led by Clear Street LLC, with a 45-day 15% over-allotment option for up to 1,950,000 additional units. Registration was declared effective by the SEC on February 11, 2026.