Celestial Acquisition Corp. terminated its merger agreement with Nokia and its subsidiaries. The agreement aimed to spin off Modul8, Nokia's space communications venture, into a publicly-listed company. Nokia's Bell Labs research division houses Modul8. The deal, announced in April 2026, involved a reverse takeover of Celestial by Modul8.
The parties could not finalize the transaction or its associated financing on acceptable terms. They cited the current market environment. The planned transaction included a C$56.7 million (US$40 million) financing round. This funding aimed to support the new independent entity. Celestial's CEO expressed disappointment and wished the Modul8 team success as they explore alternative strategies.