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Slam Corp. (OTCQX:SLAMF), a $179 million market cap company trading near its 52-week high of $12, has initiated legal action against Lynk Global, Inc. and Lynk Global Holdings, Inc. in the Delaware Court of Chancery, according to a press release statement filed with the Securities and Exchange Commission. According to InvestingPro analysis, the company currently trades at a relatively high P/E ratio of 122x. The complaint, filed Wednesday, seeks to prevent Lynk from terminating a previously agreed business combination and alleges that Lynk has breached its obligations under the agreement.
The business combination agreement was originally entered into on February 4, 2024, between Slam Corp., Lynk Global, Lynk Global Holdings, and associated entities. Slam Corp. claims that Lynk and its holding company, referred to as TopCo, are not permitted to terminate the agreement and that any attempt to do so would be ineffective. InvestingPro data reveals that Slam Corp.’s financial health score is currently rated as WEAK, with short-term obligations exceeding liquid assets, as indicated by a current ratio of 0.08. The complaint further alleges that Lynk has breached both the express terms and the implied covenants of good faith and fair dealing within the agreement.
Slam Corp. is requesting that the court require Lynk and TopCo to perform their obligations under the agreement, including the completion of the transactions outlined in the business combination, provided that all closing conditions are met.
On Thursday, the Delaware Court of Chancery granted Slam Corp.’s request for expedited treatment of the case.
Slam Corp.’s securities, including its Class A Ordinary Shares (OTCQX:SLAMF), units (OTCQX:SLMUF), and redeemable warrants (OTCQX:SLMWF), are listed on the OTCQX Best Market.
The company’s filing also notes that a proxy statement related to an extension of shareholder meeting matters was mailed to shareholders on or about June 6, 2025. Additional documents related to the business combination and litigation are available through the SEC.
This article is based on a press release statement filed with the Securities and Exchange Commission. For deeper insights into Slam Corp.’s financial metrics and exclusive access to additional ProTips that could impact investment decisions, consider subscribing to InvestingPro, where our Fair Value analysis suggests the stock may be currently overvalued.
In other recent news, Slam Corp. has announced an extraordinary general meeting for shareholders to vote on extending the deadline for completing a business combination. The proposed extension would shift the current deadline from June 25, 2025, to December 24, 2025, with options for monthly extensions by the board of directors, if needed, for up to five additional months. This extension is significant as it allows Slam Corp. more time to finalize a business combination, which is a key event for the company and its investors. The company has filed a definitive proxy statement detailing the terms and rationale for the extension, along with the voting process for shareholders of record as of May 27, 2025.
Shareholders will have the option to redeem their shares for a pro rata portion of the Trust Account if they do not support the extension. The board has proposed adjourning the meeting to a later date if necessary to ensure adequate solicitation and voting of proxies. Slam Corp. emphasizes the importance of shareholder participation to reach a quorum and secure the necessary votes for approval. This strategic move highlights the management’s dedication to achieving a successful business combination, which is crucial in the competitive communication services sector. The outcome of the shareholder meeting will be pivotal as the company continues its efforts to complete a merger.
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