Starry and FirstMark Horizon Acquisition this morning announced the execution of two Non-Redemption Agreements representing approximately 2.4 million shares of the SPAC’s Class A common stock beneficially owned by two unnamed FirstMark accredited investors.
There are 41.4 million shares of FirstMark Class A common stock outstanding.
Terms call for wireless technology developer and internet service provider Starry to receive $452 million in cash (assuming no SPAC redemptions), including a $130 million PIPE and contemporaneous equity round in Starry that includes ArrowMark Partners, Atreides Management, Fidelity Management & Research Company, Tiger Global Management, and affiliates of FirstMark Capital. The transaction is also supported by partners including Quanta Services that will help Starry continue its growth.
FirstMark Capital is an existing long-term investor in Starry and will retain a board seat, and 75% of the sponsor-held shares are subject to a performance-based earn-out and forfeiture of one million shares. Read more.
