Celestial Announces Proposed Qualifying Transaction Spin-Out Acquisition of Nokia's Space Communication Solutions Business Unit and Scotiabank Led US$40,000,000 Financing

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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").