Press release
AST & Science LLC to Become Public Company Through Combination with New Providence Acquisition Corp. (NASDAQ: NPA, NPAUU and NPAWW)
- AST & Science LLC ("AST SpaceMobile") is building the first and only space-based cellular broadband network accessible directly by standard mobile phones -
About this update from Ast Spacemobile, Inc.
[{"type":"text","content":"- AST & Science LLC (\"AST SpaceMobile\") is building the first and only space-based cellular broadband network accessible directly by standard mobile phones\n - AST SpaceMobile to become publicly listed through a business combination with New Providence Acquisition Corp. (NASDAQ: NPA, NPAUU and NPAWW)\n - Combined company to have an estimated post-transaction enterprise value of $1.4 billion and will become listed on the NASDAQ under the ticker symbol \"ASTS\" following expected transaction close in the first quarter of 2021\n - Transaction to provide up to $462 million in gross proceeds, comprised of New Providence Acquisition Corp.'s $232 million of cash held in trust (assuming no redemptions) and a $230 million fully committed common stock PIPE at $10.00 per share, including investments from Rakuten, Vodafone, American Tower, UBS O'Connor and a broad base of financial institutions\n - AST SpaceMobile LLC shareholders Vodafone, Rakuten, American Tower, and Cisneros will increase their equity holding through participation in the PIPE financing in support of AST SpaceMobile's transition into the publicly listed company\n\n\nMIDLAND, Texas, Dec. 16, 2020 /PRNewswire/ -- AST & Science LLC (\"AST SpaceMobile\"), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced it has entered into a business combination agreement with New Providence Acquisition Corp. (\"New Providence\") (NASDAQ: NPA, NPAUU and NPAWW), a publicly traded special purpose acquisition company. Upon closing of the transaction, AST SpaceMobile will become a publicly traded company, and it is expected that its common stock will be listed on the NASDAQ exchange under the symbol \"ASTS\" upon closing the transaction. Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile, will continue to lead the business post-transaction. The combined company will have an implied pro forma enterprise value of approximately $1.4 billion and is expected to have an equity value of approximately $1.8 billion at closing. \nBacked by an extensive IP and patent portfolio, AST SpaceMobile will uniquely address the $1 trillion global mobile wireless services market by delivering seamless broadband cellular connectivity directly to unmodified, existing mobile phones, without any need for spec...