Recent Updates — PAACU

Proem Acquisition Corp I (PAAC) entered into a definitive merger agreement on September 26, 2026, to combine with Astro Digital US, Inc. in an all-stock transaction valued at a pro forma post-money enterprise value of approximately $587 million. The base purchase price is $525 million plus the aggregate exercise price of vested options and warrants, paid via shares issued at a conversion ratio based on a $10.00 per share reference price. The deal includes a $50 million PIPE investment led by Proem Asset Management and Leon Capital Group, with PAAC committing to repurchase 20% of the PIPE proceeds from selling stockholders at $10.00 per share. PAAC will domesticate from the Cayman Islands to Delaware and change its name to Astro Digital, Inc., expected to close in Q1 2027 subject to shareholder approval and a minimum cash condition of $30 million. The company operates in the aerospace industry, designing, manufacturing, and operating modular satellite technology infrastructure and mission support services.