ISP Starry Debuts On NYSE Via US$176 Million SPAC Deal

Wireless technology developer and internet service provider Starry, Inc, (NYSE: STRY) made its debut on the New York Stock Exchange on Tuesday. This comes after the firm completed its business combination with blank check company FirstMark Horizon Acquisition Corp.

The transaction generated around US$176 million of gross proceeds and put the resulting merger’s enterprise value at US$1.76 billion. The reverse merger closed following the shareholders’ approval securing 93.9% votes in favor.

The SPAC completed its US$300 million IPO on the NYSE in October 2020. in its search for target businesses, the firm said it intends to focus “in the technology industries primarily located in the United States.”

The resulting firm is still headed by Starry co-founder Chet Kanojia as the CEO, while FirstMark Chairman and President Amish Jani joins the board.

Starry also announced today that the firm was named on TIME100 Most Influential Companies list.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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