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Celestial Announces Proposed Qualifying Transaction Spin-Out Acquisition of Nokia's Space Communication Solutions Business Unit and Scotiabank Led US$40,000,000 Financing
Celestial Announces Proposed Qualifying Transaction Spin-Out Acquisition of Nokia's Space Communi...
About this update from Celestial Acquisition Corp
[{"type":"text","content":"\n\n\nCelestial Announces Proposed Qualifying Transaction Spin-Out Acquisition of Nokia's Space Communication Solutions Business Unit and Scotiabank Led US$40,000,000 Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/TORONTO, April 16, 2026 /CNW/ - Celestial Acquisition Corp. (TSXV: CES.P) (\"Celestial\"), a space technology focused capital pool company, is pleased to announce that it has entered into a Business Combination Agreement dated April 15, 2026 (the \"Definitive Agreement\") with Nokia Solutions and Networks Oy (\"NSN\"), Nokia of America Corporation (\"NOAC\") and Modulate Space Corporation (\"MSC US\"), pursuant to which the parties will complete a transaction that will result in a reverse takeover of Celestial by Nokia Oyj's (HEL: NOKIA) (\"Nokia\") Space Communication Solutions business (\"Modul8\"), which operates as part of Nokia's renowned research and development organization, Nokia Bell Labs (the \"Proposed Transaction\"). Following completion of the Proposed Transaction, Celestial will continue the business of Modul8 under the name \"Modul8 Corporation\" (the \"Resulting Issuer\").\nIn connection with the Proposed Transaction, the parties are also pleased to announce that they have engaged Scotia Capital Inc. (\"Scotiabank\") as lead agent, on behalf of a syndicate of agents, to complete a brokered financing of subscription receipts (the \"Subscription Receipts\") for gross proceeds of US$40,000,000 (the \"Financing\").John Dow, CEO and Co-Founder of Modul8, said \"This transaction represents an exciting opportunity to unlock the next phase of growth for our Space Communication Solutions business. By establishing Modul8 as a focused, independent company, we believe it will be better positioned to access dedicated growth capital, accelerate innovation, and serve the rapidly expanding space economy while continuing to build on its strong technical foundation developed within Nokia Bell Lab...