TORONTO, Aug. 31, 2026 /CNW/ -- Celestial Acquisition Corp. (TSXV: CES.P) ("Celestial") announces that it has terminated the business combination agreement dated April 15, 2026 among Nokia Solutions and Networks Oy, Nokia of America Corporation and Modulate Space Corporation. The parties were unable to complete the transaction and financing on terms acceptable to them in the current market environment.

Jared Bottoms, CEO of Celestial, said: "Although we are disappointed that prevailing market conditions prevented the completion of the transaction, we greatly appreciated the opportunity to work with the Nokia and Modul8 teams. We thank them for their collaboration and professionalism and wish them continued success as they advance innovative technologies and pursue their strategic objectives."

Celestial is continuing to identify and evaluate alternative acquisition opportunities in the space and defence sectors with a view to completing its Qualifying Transaction.

Celestial is in the process of seeking approval from the TSX Venture Exchange for the resumption of trading of its common shares.

About Celestial

Celestial is the first Capital Pool Company listed on the TSX Venture Exchange that is focused on the Space sector. Celestial is part of a larger platform and network of sophisticated technicians, industry professionals and impact capital whose mission it is to grow the Space Tech ecosystem in Canada by attracting exciting growth stage New Space companies to the Canadian capital markets, and supporting their growth and success.

Cautionary Notes 

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative. Certain statements in this news release constitute "forward-looking information" and "forward-looking statements" under applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking information is based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers of this news release should not place undue reliance on forward-looking information. Celestial disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Celestial Acquisition Corp.