Nearly two weeks after FirstMark Horizon shareholders approved a merger with Internet service provider Starry, the SPAC cuts its PIPE price to $7.50, down from $10 a share.
In addition, Starry and Tiger Global Private Investment Partners IX entered into a Series Z Subscription Agreement under which Tiger agreed to subscribe for 1,333,333 shares of Starry Series Z Preferred Stock at $7.50 for a purchase price equal to approximately $10 million.
There has been no word on redemptions in connection with the merger vote. However, in its latest 8-K filing the SPAC said both parties waived the $300 million minimum cash condition. The deal is now expected to deliver $176 million in gross proceeds to Starry at an enterprise value of $1.76 billion, up from $1.65 billion when announced in October last year. Read more.
