New Providence Acquisition Corp. Stockholders Approve Business Combination with AST & Science
New Providence Acquisition Corp. (NASDAQ: NPA, NPAUU, NPAWW) announced stockholder approval of its business combination with AST & Science, LLC. This transaction is expected to close around April 6, 2021, leading to the formation of AST SpaceMobile, which will trade as ASTS and ASTSW on Nasdaq. The deal will provide approximately $462 million in gross proceeds, including $230 million from concurrent private placement. AST SpaceMobile aims to create a space-based cellular broadband network to connect unserved mobile subscribers worldwide.
- Approval of the business combination with AST & Science, LLC.
- Expected gross proceeds of approximately $462 million from the transaction.
- Strategic goal of creating the first space-based cellular broadband network.
- Potential risks related to the completion of the Business Combination.
- Possibility of failure to maintain Nasdaq listing post-acquisition.
- Uncertainties regarding market competition and management of growth.
New Providence Acquisition Corp. (“New Providence”) (NASDAQ: NPA, NPAUU and NPAWW) today announced that its stockholders approved all proposals related to the previously announced business combination (the “Business Combination”) with AST & Science, LLC at a special meeting of stockholders held today. A Form 8-K disclosing the full voting results is expected to be filed with the Securities and Exchange Commission.
The closing of the Business Combination is anticipated to occur on or about April 6, 2021. Following closing, the combined company will be known as AST SpaceMobile and its class A common stock and warrants will trade on Nasdaq under the ticker symbols “ASTS” and “ASTSW”, respectively.
AST SpaceMobile expects to receive approximately
About AST SpaceMobile
AST SpaceMobile is building the first, and only, space-based cellular broadband network to operate directly with standard, unmodified mobile devices based on its extensive IP and patent portfolio. AST SpaceMobile’s team of engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. Follow AST SpaceMobile on Twitter @AST_SpaceMobile and LinkedIn, and for an overview on the SpaceMobile mission, view this video.
About New Providence Acquisition Corp.
New Providence Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In September 2019, New Providence Acquisition Corp. consummated a
Forward-Looking Statements
This communication includes “forward-looking statements” that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact contained in this communication including, without limitation, statements regarding NPA’s financial position, business strategy and the plans and objectives of management for future operations; anticipated financial impacts of the Business Combination; the satisfaction of the closing conditions to the Business Combination; and the timing of the completion of the Business Combination, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside NPA’s and AST’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Equity Purchase Agreement or could otherwise cause the Business Combination to fail to close; (ii) the outcome of any legal proceedings that may be instituted against NPA and AST related to the Business Combination; (iii) any inability to complete the Business Combination, including due to failure of any conditions to closing in the Equity Purchase Agreement; (iv) the inability to maintain the listing of the shares of common stock of the post-acquisition company on The Nasdaq Stock Market following the Business Combination; (v) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (vi) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (vii) costs related to the Business Combination; (viii) changes in applicable laws or regulations; (ix) the possibility that AST or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (x) other risks and uncertainties indicated in the definitive proxy statement related to the Business Combination, including those under the section entitled “Risk Factors”, and in NPA’s other filings with the SEC.
NPA cautions that the foregoing list of factors is not exclusive. NPA cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of NPA’s Annual Report on Form 10-K and definitive proxy statement related to the Business Combination, each as filed with the SEC. NPA’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, NPA disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210401005621/en/
FAQ
What is the purpose of the business combination between New Providence and AST & Science?
When is the business combination expected to close?
What stock symbols will AST SpaceMobile trade under after the merger?
How much gross proceeds is AST SpaceMobile expected to receive from the business combination?
What risks could affect the success of the business combination?
