Added to YB: 2026-08-26
Pitch date: 2026-08-23
IRDM [neutral]
Iridium Communications Inc.
-2.75%
current return
Author Info
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Company Info
Iridium Communications Inc. provides mobile voice and data communications services and products to businesses, the United States and foreign governments, non-governmental organizations, and consumers in the United States, Canada, and internationally.
Market Cap
$5.2B
Pitch Price
$48.43
Price Target
67.50 (+43%)
Dividend
1.22%
EV/EBITDA
15.97
P/E
56.35
EV/Sales
7.69
Sector
Diversified Telecommunication Services
Category
special_situation
$IRDM: the exchange ratio hasn't been set yet, and won't be until two days before closing
IRDM (overview): Market quotes IRDM's ~10% gap to $54 notional as a merger spread, but it isn't one: the stock half is set by a 10-day VWAP collar (0.4000 sh ≤$67.50, 0.2400 ≥$112.50) measured 2 days before an undated close. RKLB at $72.57 sits just 7.5% above the $67.50 floor; below it holders eat full downside (package = today's IRDM price at RKLB VWAP ~$54.95, ~24% lower). Effectively long IRDM cash + short a multi-month put on RKLB struck at $67.50. Risks: majority-of-outstanding vote (abstentions=no), preliminary proxy w/ TBD meeting date, $223.6M break fee, bridge financing that must refinance IRDM credit, FCC transfers. Watch RKLB vs $67.50 — the only number that changes the deal's character.
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