Slam Corp. is a special purpose acquisition company (SPAC) — a publicly traded shell company with no operations, created solely to identify and merge with a private company to take it public. Slam was co-founded by former MLB player Alex Rodriguez and Himanshu Gulati, founder of hedge fund Antara Capital, and targets businesses in sports, media, entertainment, health and wellness, and consumer technology. Slam raised capital through an IPO and holds proceeds in a trust account. The sponsor received "founder shares" at minimal cost as compensation for sourcing a deal; if a deal closes, those shares convert into equity in the combined company, and if no deal closes by the deadline, the trust is liquidated and public shareholders get their money back while the sponsor's shares expire worthless. Slam has identified a target — Lynk Global, a satellite-to-phone connectivity company that aims to provide cell service from space directly to standard mobile phones without specialized hardware — and signed a Business Combination Agreement in February 2024, with the combined company intended to trade on Nasdaq under the ticker "LYNK." Due to significant shareholder redemptions across three extension votes, Slam's trust has declined from over $580M at IPO to approximately $22.9M. Antara has committed to backstop up to $25M of additional redemptions as part of the deal terms. The agreement has been extended multiple times and must close by June 30, 2025, or Slam will liquidate and return remaining trust funds to shareholders.