Starry, Inc. to Go Public in Business Combination with FirstMark Horizon Acquisition Corp. to Bring its Transformative Broadband Service to Millions of Households
Summary
"When we set out to build this business, we wanted to transform how broadband networks were built so that we could meaningfully improve peoples lives with faster, better, more affordable internet access," said Chet Kanojia, co-Founder and CEO of Starry. "We believe a key driver of long-term value creation is having truly exceptional, mission-driven founders who have the discipline, passion and vision to change the world," said Amish Jani, Chairman and President of FirstMark. To date, Starry has successfully deployed its gigabit network in six U.S. cities including Boston, New York, Los Angeles, Washington D.C., Denver, and Columbus covering more than 4.7 million households. Starrys technology and service is engineered to delight customers in an industry that has to date been universally disappointing, with incumbents generating an industry average net promoter score of 0 as of 2021, compared to Starrys 2021 net promoter score of 72.Starry is also deeply committed to its mission to expand access to high-quality, affordable broadband service including to communities such as public and affordable housing, which have been traditionally underserved and under-connected by incumbent broadband providers. It is estimated that post-transaction, Starry will have approximately $452 million on its balance sheet (assuming no redemptions of common stock held by FirstMarks stockholders) to fund growth initiatives.