Astro Digital and Proem Acquisition Corp I (PAACU units) signed a business combination agreement to take Astro Digital public.
The deal values Astro Digital at an approximately $587 million pro forma post-money enterprise value. It 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 from private investments. Proem Asset Management and its affiliates have committed $25 million. Closing is expected in the first quarter of 2027, subject to shareholder approval, a $30 million minimum cash condition and an effective registration statement.
Astro Digital reported a 42% two-year revenue compound annual growth rate and positive adjusted EBITDA. Its financial information is unaudited and preliminary. Since 2018, it has delivered nearly 40 satellites for more than 30 customers. After closing, Proem would become Astro Digital Holdings and is expected to trade on Nasdaq.
Proem Acquisition Corp I (NASDAQ:PAACU) announced that, effective April 6, 2026, holders of IPO units may elect to separately trade the company's ordinary shares and warrants. Separated ordinary shares will trade as PAAC and separated warrants will trade as PAACW.
No fractional warrants will be issued upon separation; only whole warrants will trade. Units remaining unseparated will continue trading as PAACU. Holders must contact their brokers and Continental Stock Transfer & Trust Company, the transfer agent, to effect separation. A Form S-1 (333-292217) was declared effective February 11, 2026.