New Providence Acquisition Corp. (NPA) Shareholders Approve AST & Science Deal

AST-SpaceMobile-2

New Providence Acquisition Corp. (NPA) Shareholders Approve AST & Science Deal

New Providence Acquisition Corp. (NASDAQ:CGRO) announced that its shareholders approved its business combination with space-based broadband provider AST & Science at a special meeting earlier today.

The parties expect to close the deal by about April 6, after which the combined company will operate as AST SpaceMobile with its shares and warrants trading on the Nasdaq under the symbols “ASTS” and “ASTSW”, respectively.

New Providence noted in its press release that AST expects to receive $462 million in proceeds after the vote, and while it did not share redemption figures, this number indicates they were minimal as this is the roughly sum of its PIPE and estimated trust value pre-redemptions

The two sides initially announced their $1.4 billion business combination on December 11. Midland, Texas-based AST is working to build the first space-based cellular broadband network to fill coverage gaps and eventually make 4G and 5G access universal.


ADVISORS

  • Barclays is acting as financial advisor and capital markets advisor to AST SpaceMobile.
  • Barclays and Deutsche Bank Securities Inc. acted as placement agents to New Providence in connection with the PIPE offering.
  • Deutsche Bank Securities Inc. and BTIG LLC are acting as financial and capital markets advisors to New Providence.
  • Latham & Watkins LLP and Foley & Lardner LLP are acting as legal counsel to AST SpaceMobile.
  • Kirkland & Ellis LLP is acting as legal counsel to New Providence.