Press release
AST SpaceMobile Announces Redemption of Public Warrants
MIDLAND, Texas--(BUSINESS WIRE)-- AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular
About this update from Ast Spacemobile, Inc.
[{"type":"text","content":" MIDLAND, Texas--(BUSINESS WIRE)--\nAST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, designed for both commercial and government applications, today announced that it will redeem all of its publicly traded warrants to purchase shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), that remain outstanding at 5:00 pm New York City time on Friday, September 27, 2024 (the “Redemption Date”), for a redemption price of $0.01 per warrant (the “Redemption Price”).\n\n\nAST SpaceMobile has directed its warrant agent, Continental Stock Transfer & Trust Company (the “Warrant Agent”), to deliver a notice of redemption (the “Notice of Redemption”) to the registered holders of outstanding warrants pursuant to the Warrant Agreement, dated as of September 13, 2019 (the “Warrant Agreement”), by and between AST SpaceMobile, Inc. (f/k/a New Providence Acquisition Corp.) and the Warrant Agent. Under the Warrant Agreement, AST SpaceMobile is entitled to redeem its public warrants at a redemption price of $0.01 per warrant if the last sale price of the Class A Common Stock has been at least $18.00 per share for twenty (20) trading days within the thirty (30) day trading period ending on the third trading day prior to the date of the Notice of Redemption (the “Stock Price Condition”), among other conditions.\n\n\nThe Stock Price Condition was satisfied on August 23, 2024, the third trading day prior to the Notice of Redemption being sent to warrant holders. Warrants to purchase Class A Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with AST SpaceMobile’s (f/k/a New Providence Acquisition Corp.) initial public offering and still held by the initial holders thereof or their permitted transferees are not subject to the Notice of Redemption.\n\n\nExercise Procedures and Deadline for Warrant Exercise\n\n\nWarrant holders may continue to exercise their warrants to purchase shares of Class A Common Stock until immediately prior to 5:00 p.m. New York City time on the Redemption Date. Holders may exercise their warrants and receive Class A Common Stock in exchange for a payment in cash of the $11.50 per Public Warrant exercised (the “Exercise Pric...