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Airspan Networks Inc. has successfully merged with New Beginnings Acquisition Corp. (NBA), approved by NBA shareholders on August 11, 2021. The newly formed company, now named Airspan Networks Holdings Inc., begins trading on NYSE American under the ticker symbol 'MIMO'. CEO Eric Stonestrom highlighted this merger as a pivotal moment, aligning with their growth strategy in the anticipated 5G capex supercycle. The transaction is expected to enhance Airspan's revenue growth and expand its product portfolio, particularly in 5G sectors.
New Beginnings Acquisition Corp. (NBA) announced stockholder approval for its business combination with Airspan Networks Inc. at a special meeting. The transaction is expected to close around August 13, 2021, after which NBA will be renamed Airspan Networks Holdings Inc., and its common stock will be listed under the ticker symbol MIMO on the NYSE American. Airspan specializes in 5G technology and has established its presence globally, delivering over 1 million cells to clients in over 100 countries.
New Beginnings Acquisition Corp. (NBA) and Airspan Networks Inc. announced that the SEC has declared effective their Form S-4 registration statement concerning their proposed business combination. A special meeting for NBA stockholders is set for August 11, 2021, to vote on the merger. If approved, NBA will be renamed Airspan Networks Holdings Inc., with its common stock to be listed on NYSE American under the ticker symbol 'MIMO.' Both companies aim to leverage Airspan's innovations in 5G technology to capitalize on growth opportunities in the market.
Airspan Networks has launched several new 5G indoor and outdoor products targeting the growing market for CBRS, cable providers, and private networks. The product suite includes the OpenRANGE software platform and various hardware solutions. Thousands of these products are already deployed, with tens of thousands more expected this year. Airspan's innovative technology positions it favorably in the wireless market as new players emerge. The company aims to address the demands of cable operators and enhance 5G network coverage and capacity.
Airspan Networks collaborates with Gogo to advance 5G technology for business aviation. Key milestones include the installation of two Airspan antennas for prototype testing and successful coast-to-coast flight testing of 5G technology. Airspan's solutions feature advanced beam shaping, high-precision pointing, and support for high-speed Doppler effects. The merger between Airspan and New Beginnings Acquisition Corp (NBA) is expected to enhance Airspan's capabilities in the 5G market, pending regulatory approvals.
Eric Stonestrom, CEO of Airspan Networks, has joined the Forbes Technology Council, a prestigious group for senior technology executives. His selection underscores his impactful business growth experience. Membership provides Stonestrom exclusive opportunities for collaboration, expert insights, and marketing resources. He emphasized that this recognition reflects Airspan's leadership in 5G and Open RAN technologies, highlighting the company's innovations and global reach, having shipped over 1 million cells to customers worldwide.
Airspan Networks announced its Q1 2021 financial results, reporting revenue of $45.9 million, a 67% increase from Q1 2020. Gross profit rose to $20.9 million, up 42% year-over-year. The company recorded a net loss of $13.5 million, a slight increase from $13.0 million in the prior year. Adjusted EBITDA improved by 42% to a loss of $5.4 million. Airspan highlighted momentum in 5G and related technologies, with a significant contract signed in April 2021 and recognition from the Small Cell Forum for innovation.
Airspan Networks has completed successful tests with Hewlett Packard Enterprise (HPE) on integrating Open RAN architecture into HPE’s 5G Standalone network core. The tests validated interoperability within a full 5G ecosystem, assessing speed and latency across various public network use cases.
Airspan, serving over 1,000 customers in 100+ countries, is positioned for growth in the 5G market. Their focus on Open RAN innovation includes managing edge site workloads via AI/ML solutions. Airspan is set to merge with New Beginnings Acquisition Corp (NBA), with plans to list on NYSE American as 'MIMO'.
Airspan Networks Inc. announced that New Beginnings Acquisition Corp. (NBA) has filed a Form S-4 with the SEC regarding their proposed business combination. Upon closing, the combined entity is expected to receive approximately $166 million in net proceeds. This includes a $75 million PIPE investment from SoftBank and Dish Network. The proceeds will be used to accelerate Airspan's 5G revenue growth and product expansion. The transaction is expected to close in Q3 2021, following approval from both parties' stockholders.
