FirstMark Horizon Acquisition in a news release reminded stockholders that its proposed business combination with Starry provides non-redeeming stockholders with a pro rata right to a portion of additional shares. Voting has begun.
The deal with Starry is structured to provide FMAC stockholders who do not redeem their shares with a right to a pro rata portion of an additional 1 million Class A shares of Starry Group Holdings, post-merger. The exchange ratio will be between 1.0242 and 1.2415, depending on the overall level of redemptions, the SPAC said in the news release.
FirstMark yesterday announced it had secured non-redemption agreements with two institutional investors, covering 2.4 million shares out of 41.4 million shares outstanding.
As announced in October, terms call for Starry, a wireless technology developer and internet service provider, to receive $452 million in cash (assuming no SPAC redemptions), including a $130 million PIPE and a contemporaneous equity round. Read more.
