FirstMark Horizon Acquisition Corp. (NYSE:FMAC) announced this afternoon that its shareholders have voted to approve its combination with internet service provider (ISP) Starry in a special meeting held on March 16.
The SPAC did not disclose information on redemption amounts, but holders of 38,888,136 shares of FMAC were present at Wednesday’s meeting, representing 75.15% of FMAC’s common stock.
Earlier this month, FirstMark Horizon entered into a Non-Redemption Agreement alongside certain accredited investors and Starry Group Holdings. Certain investors of FirstMark agreed not to redeem their shares, representing 2,398,613 shares in the aggregate, at the Starry completion vote.
This transaction has a Minimum Cash Condition of $300 million, but there is a $109 million PIPE and $21 million from the Series Z Investment, which lowered that threshold to $170 million. The non-redemption agreement lowered that threshold even further to approximately $146 million.
The parties did not disclose an exact timeline for closing, but the combined company is expected to begin trading shortly on the New York Stock Exchange under the symbol “STRY” once the deal is completed.
FirstMark initially announced its $1.6 billion combination with Starry last year on October 7. Boston-based Starry provides wireless internet to consumers at gigabit speeds using narrow-wave technology.
All other proposals on the ballot, such as the equity inventive plan, ESPP, and exchange proposal, were also passed. For the full results of the vote click here.
ADVISORS
- Goldman Sachs & Co. LLC served as financial advisor to Starry and placement agent to FirstMark Horizon Acquisition Corp.
- Credit Suisse served as financial advisor and capital markets advisor to FirstMark.
- Latham & Watkins LLP acted as legal advisor to Starry.
- Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to FirstMark.
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