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Another space-related SPAC deal was announced Wednesday morning, with space mobility company AST & Science LLC announcing a merger.
The SPAC Deal: AST announced it s merging with
New Providence Acquisition Corp (NASDAQ: NPA).
The deal is being done at a post-transaction enterprise valuation of $1.4 billion. Investors in the PIPE include Rakuten,
Vodafone Group (NASDAQ: VOD), Samsung,
American Tower Corporation (NYSE: AMT) and
UBS Group (NYSE: UBS).
The merger is expected to close in the first quarter of 2021, with shares trading under the new ticker ASTS on the Nasdaq.
Existing shareholders of New Providence Acquisition will own 16% of the company. AST founder Abel Avellan will own 43% of the new company.
Another space-related SPAC deal was announced Wednesday morning, with space mobility company AST & Science LLC announcing a merger.
The SPAC Deal: AST announced it s merging with New Providence Acquisition Corp (NASDAQ: NPA).
The deal is being done at a post-transaction enterprise valuation. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
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Satellite network company AST & Science said on Wednesday it had agreed to be taken public by blank-check firm New Providence Acquisition Corp in a deal that values the combined firm at $1.4 billion including debt.
The Midland, Texas-based company, also known as AST SpaceMobile, said it plans to launch the world’s first low-earth-orbit, low-latency satellite network to connect directly to a smartphone.
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The network will help to fortify a partner mobile operator’s coverage in areas where signals are weak or undergo disruption, with users automatically switching from the land network to the space network.
Vodafone wants to ensure that our customers are always connected and everyone benefits from a digital society. This is why we are a lead, strategic partner of AST SpaceMobile, which is uniquely positioned to provide universal mobile coverage to rural areas in Africa, and in the future, Europe, further extending our leading network. The space-based mobile network will also enable us to provide instant communications in the event of a natural or humanitarian disaster.
AST SpaceMobile will be the first service of its kind to connect standard mobile phones at 4G and 5G speeds using AST SpaceMobile s patented space-based network. Today, more than five billion mobile subscribers constantly move in and out of wireless coverage, and AST SpaceMobile s solution will fill these coverage gaps to enable people to stay connected whilst on the move. This is a significant breakthrough in helping to bring affordable mobile connectivity to more than half of the world s population that do not have in
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
- AST SpaceMobile to become publicly listed through a business combination with New Providence Acquisition Corp. (NASDAQ: NPA, NPAUU and NPAWW)
- 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
- 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