Proem agrees Astro Digital merger at $587 million enterprise value

Proem Acquisition ($PAAC) Corp I has agreed to combine with satellite manufacturer Astro Digital in a transaction valuing the merged business at approximately $587 million on a post-money enterprise-value basis. Planned gross funding of up to $180 million comprises as much as $130 million of trust cash and approximately $50 million from a private equity placement. Proem Asset Management and affiliates have committed $25 million of the placement.

Astro Digital intends to use the transaction to expand production capacity, sales and applications for its satellite platforms. Completion is expected in the first quarter of 2027, subject to shareholder approval, regulatory filing effectiveness, a $30 million minimum-cash condition and other requirements. The maximum proceeds assume no redemptions; they are not cash already secured for operations. Proem remains the listed instrument until the combination closes.

Sources:

• Proem / Astro Digital joint release — Business Wire / StockTitan