AST SpaceMobile today announced it has entered into a business combination agreement with New Providence Acquisition. Upon closing, AST SpaceMobile plans to list on the Nasdaq under “ASTS”.
AST is building the first space-based cellular broadband network accessible directly by standard mobile phones.
The combined company will have an implied pro forma enterprise value of approximately $1.4 billion and is expected to have an equity value of approximately $1.8 billion at closing.
The combined company expects to receive up to $462 million in gross proceeds, assuming no redemptions of New Providence’s existing stockholders, including the private placement backed by strategic partners, existing investors and a broad base of financial institutions. All AST SpaceMobile shareholders would retain 100% of their equity in the combined company. Read more.
