The ongoing corporate drama surrounding direct-to-smartphone satellite operator Lynk Global’s troubled merger with Slam Corp via a special purpose acquisition company (SPAC), conceived by MLB ace Alex “A-Rod” Rodriguez, appears to have ended once and for all after a mutual termination of their agreement.

Virginia-based Lynk has indicated its pending litigation with Slam had been resolved, and the prospect of a merger deal has been definitively taken off the table.

Plans for the merger were first unveiled in December 2023, and the original agreement was signed in early 2024.

“We are pleased with the mutual agreement to terminate the business combination agreement (BCA),” a Lynk Global spokesperson told DCD. “Lynk is laser-focused now on our mission to provide our direct-to-device service to customers around the world.

In reaction to the decreasing likelihood of the completion of the merger, which included a termination date of June 30, Slam Corp opted to initiate legal action on June 19 to ensure the deal would go ahead, alleging Lynk had breached terms and failed to act in good faith, which Lynk described as “baseless.”

When it was publicly listed in 2022, Slam Corp raised $575 million, riding high on the hopes of taking Lynk public, boosting its financial firepower to accelerate it toward the emerging direct-to-device market.

By August 2024, Slam had delisted from the Nasdaq stock exchange, reduced to trading only over-the-counter stocks. By June 5, the company’s trust account had dwindled to $23.7 million, following numerous investor redemptions and delays in transactions with Lynk.

Lynk Global, however, saw a Series B funding round that reached as high as $215 million this year, led by SES, which recently completed its acquisition of Intelsat.

“With the Delaware litigation resolved and the business combination agreement (BCA) mutually terminated, Lynk is now better positioned to pursue a broader set of strategic and commercial opportunities that were previously constrained by the agreement,” Lynk CEO Ramu Potarazu said in a statement.

Slam Corp did not immediately respond to DCD’s calls for comment.

Cell-tower-in-space firm Lynk currently has five small satellites in LEO. Founded in 2017, Lynk has raised more than $100 million to date.

The company has signed commercial agreements with more than 40 MNOs covering more than 50 countries, including Spark in New Zealand, Vodafone Ghana, Globe Telecom in the Philippines, Telecel’s Centrafrique in the Central African Republic, Rogers in Canada, TPG in Australia, Telikom in Papua New Guinea, and the US government.