Proem Acquisition Corp I

Satellite maker Astro Digital has agreed to go public through a merger with Proem Acquisition Corp I, a blank-check company, in a deal valuing the combined business at about $587 million. The transaction is expected to provide Astro Digital with as much as $180 million in gross proceeds, including up to $130 million from Proem's trust account and about $50 million from private investments led by Proem Asset Management and Leon Capital Group. Astro Digital designs, builds and operates satellites used for Earth observation, communications, space infrastructure and defense, and since 2018 has delivered nearly 40 satellites to more than 30 customers, including NASA, the U.S. Department of Defense, Boeing and Sony. The merger is expected to close in the first quarter of 2027, subject to customary conditions, and the combined company is expected to trade on the Nasdaq.