New Providence Acquisition Corp. I business combination became AST SpaceMobile, Inc. (NASDAQ: ASTS / ASTSW)
In September 2019 New Providence Acquisition Corp. (“NPA I”) went public, raising $230 million to form a special purpose acquisition company (“SPAC”) for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
On April 6, 2021, New Providence Acquisition Corp. and AST & Science LLC completed the $1.4 billion business combination (enterprise value) to become AST SpaceMobile and trade on the NASDAQ under “ASTS” and “ASTSW”. The transaction raised $462 million through IPO and PIPE proceeds to fully fund the development and first phase of its satellite constellation. AST is building the first, and only, space-based global broadband cellular network to operate directly with standard, unmodified mobile devices based on its extensive IP and patent portfolio. Strategic investors in the transaction included American Tower, Vodafone and Rakuten.
Our management team brought a combination of operating, investing, financial and transaction experience and has worked together for over a decade creating value for shareholders. Our management team included Alex Coleman, Gary Smith, and James Bradley. Alex’s and Gary’s careers have centered on identifying and implementing value creation initiatives within the consumer and consumer-related products and services industries while James has focused on M&A and serving as CFO of a middle-market consumer business.
Click below to view management presentation and listen to webcast announcing the AST transaction: