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Starry Going Public with FirstMark Horizon (FMAC)

Starry is going public in a combination with SPAC FirstMark Horizon Acquisition FMAC in a $1.66B deal. It aims to bring "transformative broadband service to millions of households."

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Starry, Inc. is going public with FirstMark Horizon (FMAC) in a $1.66B deal that is set to close in Q1 2022. The deal hopes to deliver $452M in cash to the combined company, but given the trend of high redemptions investors should expect to see signficantly less if the FMAC is trading anywhere near NAV around ex-redemption. 

Starry delivers customers a high speed wireless broadband and currently covers more than 4.7 million U.S. households across six markets. 

The deal pitches high sponsor / shareholder alignment citing "75% of sponsor-held shares subject to either a performance-based earn-out or forfeiture."

The $130M PIPE includes ArrowMark Partners, Atreides Management, Fidelity Management & Research Company LLC, and Tiger Global Management.

Deal Overview
- $1.66 billion enterprise value 
- $130 million PIPE 
Investor Deck
Press Release
- Closing Q1 
- DeSPAC Symbol STRY

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Starry / FirstMark FMAC Deck Highlights


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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)

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