Benzinga | Oct 7, 2021 09:15AM EDT

Broadband Provider Starry To List Via SPAC Merger With FirstMark Horizon

* Broadband internet service provider Starry Inc aims for a public listing via the special purpose acquisition company (SPAC) merger with FirstMark Horizon Acquisition Corp (NYSE:FMAC).

* Boston's Starry and the venture capital firm FirstMark backed SPAC would have a combined value of over $1.66 billion, Bloomberg reports.

* The transaction implies a pro forma enterprise value of $1.66 billion and will give Starry $452 million in cash on the balance sheet, including $130 million from a fully committed PIPE and contemporaneous equity round.

* Starry offers next-day or same-day installation. It has a presence in Boston, New York, Washington, Denver, and Los Angeles.

* Internet television service Aereo founder Chet Kanojia founded Starry.

* They aim to raise over $100 million in an equity placement to support the deal.

* Starry will be listed on a national exchange under the ticker symbol "STRY."

* Price Action: FMAC shares closed at $9.81 on Wednesday.