Littleton’s Astro Digital Signs SPAC Deal With Up to $180 Million in Potential Gross Proceeds

Astro Digital, a satellite maker with headquarters and spacecraft assembly in Littleton, announced September 28 a merger agreement with Proem Acquisition Corp I. The SPAC deal could bring up to $180 million in gross proceeds to the combined business. Astro Digital says it intends to use new capital to expand sales and production capacity, giving the Denver-area manufacturer a potential source of funding if the transaction closes.

The parties put the proposed company’s pro forma post-money enterprise value at approximately $587 million. That figure is a valuation, not a cash payment to Astro Digital. The company says it designs, manufactures and operates satellites and has delivered nearly 40 since 2018 for more than 30 customers.

Where the potential funding would come from

Up to $130 million could come from Proem’s trust if shareholders do not redeem their shares. A $50 million private investment accounts for the rest of the stated maximum. The signed agreement specifies subscriptions for five million shares at $10 apiece and requires at least $30 million in closing cash.

Shareholder redemptions could reduce the trust contribution. The $180 million figure is a gross upper limit, rather than proceeds Astro Digital has received; the merger must also win approval and meet its other closing conditions.

What happens next

The companies signed the agreement September 26, and Proem filed it with the SEC September 28. Both boards have approved the proposal, but Proem shareholders still must vote. The parties expect the merger to close in the first quarter of 2027, with Nasdaq trading afterward. That vote and the cash remaining at closing will determine how much funding the Littleton business can put toward its stated expansion plans.