Starry, FirstMark announce non-redemption agreements
Industry Announcements, , 3/10/2022
NEW YORK & BOSTON – Starry, Inc. ("Starry" or the "Company"), a next generation licensed fixed wireless technology developer and internet service provider, and FirstMark Horizon Acquisition Corp. ("FMAC" or "FirstMark") (NYSE: FMAC), a publicly traded special-purpose acquisition company, announced the execution of two Non-Redemption Agreements representing approximately 2.4 million shares of FMAC Class A common stock beneficially owned by certain accredited investors of FMAC.
Starry has transformed the economics of broadband, pioneering the use of licensed high frequency spectrum at a low cost to deliver high-capacity, low latency, symmetrical connectivity to communities. Starry believes broadband is essential and is committed to delivering on its mission – offering customers a superior internet service that is fast, reliable, uncapped and competitively-priced, while also working to improve digital access and equity.
FMAC is an affiliate of FirstMark Capital, which is a prominent venture capital firm with more than $2.3 billion in total capital commitments that has backed entrepreneurs that have created leading companies, many valued over a billion dollars, including Shopify, Pinterest, Riot Games, DraftKings, Airbnb, Upwork, Discord, InVision, Dataiku, Pendo, JustWorks, Ro and Carta.
Starry and FMAC have entered into Non-Redemption Agreements with two accredited investors to not redeem a certain number of shares of FMAC Class A common stock beneficially owned by such accredited investors.
Pursuant to the Non-Redemption Agreements, these accredited investors commit to not redeem a combined total of approximately 2.4 million shares of FMAC Class A common stock beneficially owned by them of the 41,400,000 shares of FMAC Class A common stock outstanding.
Starry and FMAC may enter into additional arrangements similar to the Non-Redemption Agreements described above.
Read the full press release here.
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