Satellite-to-phone service provider Lynk Global failed to meet its 25 December deadline to be publicly listed on the Nasdaq stock exchange as it attempts to keep pace with rivals.

In February 2024, Lynk Global turned to special purpose acquisition company (SPAC) Slam as part of a merger that aims to see it become a public company on the Nasdaq stock exchange.

A representative for the direct-to-device satellite service provider told Mobile World Live the timeframe for its public listing is extending into Q1 2025 “in order to have more time to complete this complex transaction”.

The new deadline is March 25, 2025.

In addition, shareholders of more than 7 million shares voted to redeem their shares, according to a December 26 regulatory filing. The SPAC trust must return $80.7 million to those shareholders, according to the filing. After these redemptions, the trust will have a balance of just $22.8 million. 

The first deadline for the stock listing was pushed back from 31 August.

Slam was delisted from the Nasdaq stock market in August 2024 but stated at the time it will continue trading in over-the-counter markets. It noted the merger with Lynk Global “will be materially unaffected by the transition”.

Lynk announced several changes to its executive team last year with former Intelsat executive Ramu Potarazu replacing Dan Dooley as CEO in November after the latter was appointed to the position in September.

Dooley had replaced co-founder Charles Miller as CEO, with the latter named chair.

It stated the new leadership team is part of its plan to be publicly listed.

Lynk Global enjoyed an early mover advantage for its satellite-to-phone service with several deployments with Palau National Communications Corporation and Vodafone Cook Islands in 2023.

However the direct-to-device space race is heating up as AST SpaceMobile, T-Mobile US and SpaceX, and Apple are in various stages of commercial deployments.