AST & Science closes SPAC deal and begins trading on Nasdaq next week

AST’s corporate headquarters and high volume manufacturing facility are located in Midland, Texas

AST & Science

Satellite-to-smartphone broadband company AST & Science expects to complete its SPAC merger next week, the company said on Thursday. The stock is traded on the Nasdaq.

Last year the company announced plans to merge with the special purpose vehicle New Providence, which is trading under the ticker NPA.

Shareholders voted to approve the transaction on Thursday. Graduation is expected “on or about April 6” or next Tuesday. The combined company of AST & Science and New Providence will be known as AST Space Mobile and trade under the ticker ASTS.

New Providence’s stock was down 2.4% on Thursday, closing at $ 11.39 per share.

AST SpaceMobile, based in Midland, Texas, is building a satellite network, also known as a constellation, that delivers broadband from space directly to consumer smartphones. Existing satellite networks require additional physical devices to connect to the service, such as B. Iridium’s mobile satellite telephones or SpaceX’s Starlink user terminals.

The company, which raised around $ 120 million prior to the SPAC deal, expects total proceeds from the merger of around $ 462 million. The new capital will finance the development of the company’s network. AST plans to launch the next BlueWalker 3 demonstration satellite later this year.

The expected completion of AST would be the first in a recent series of space SPACs that would complete the merger. Seven space companies, including AST, have announced contracts with SPACs in the past six months.

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