Satellite company AST SpaceMobile expects to close the SPAC deal next week and begin trading on the Nasdaq

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 stock fell more than 4% in midday trading from its previous closing price of $ 11.67 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 expected completion of AST would be the first in a series of space SPACs to complete the transaction. Seven space companies, including AST, have announced contracts with SPACs in the past six months.

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