Iridium to be acquired by Rocket Lab for $27 cash per share plus variable stock consideration

Iridium Communications Inc.

Iridium shareholders receive $27.00 in cash plus a number of Rocket Lab shares per IRDM share, based on Exchange Ratio tied to RKLB VWAP.
Exchange ratio: 0.4000 if RKLB VWAP ≤$67.50; $27/$RKLB VWAP if $67.50-$112.50; 0.2400 if ≥$112.50.
Termination fee of $223.62 million payable by Iridium under certain conditions; deal must close by June 28, 2027 (extendable to Dec 28, 2027).
Iridium board unanimously approved and recommends; directors holding ~1.6% of shares entered support agreements to vote in favor.
Outstanding Iridium RSUs/PSUs assumed by Rocket Lab; Iridium options/CSARs canceled for cash consideration.

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