Denver, Colorado — On Monday, September 28, 2026, satellite manufacturer Astro Digital entered into a definitive business combination agreement to go public through a merger with special purpose acquisition company (SPAC) Proem Acquisition Corp I. The transaction values the combined entity at an enterprise value of $587 million.
Upon closing, the business combination is expected to generate up to $180 million in gross proceeds. Capital from the transaction includes funds held in Proem Acquisition Corp I’s trust account along with private financing commitments co-led by Proem Asset Management and Leon Capital Group.
Transaction Structure and Capital Allocation
The transaction proceeds will fund expansion of Astro Digital’s satellite bus manufacturing facilities, scale payload integration capabilities, and support working capital for ongoing commercial and government spacecraft production lines.
- Enterprise Value: $587 million
- Gross Transaction Proceeds: Up to $180 million
- Sponsoring Financing Leads: Proem Asset Management and Leon Capital Group
- Public Vehicle: Proem Acquisition Corp I
Spacecraft Delivery Track Record and Customer Base
Founded as a developer of standardized satellite buses and custom space systems, Denver-headquartered Astro Digital specializes in modular SmallSat platforms and hosted payload services. The company has manufactured and delivered nearly 40 satellites into orbit across multiple orbital regimes.
Astro Digital’s customer portfolio spans defense, civil space, and commercial aerospace organizations, including key spacecraft deployments for NASA, the U.S. Department of Defense, Boeing, and Sony.
Transaction Approval and Closing Timeline
The board of directors for both Astro Digital and Proem Acquisition Corp I have unanimously approved the business combination agreement. Closing of the transaction is targeted for the first quarter of 2027, subject to customary closing conditions, regulatory clearances, and approval by Proem Acquisition Corp I shareholders.
