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

AST’s company headquarters and high-volume manufacturing facility in Midland, Texas

AST & Science

Satellite-to-smartphone broadband company AST & Science expects to close its SPAC merger next week, the company mentioned on Thursday. Its inventory will commerce on the Nasdaq.

Last yr, the company introduced plans to merge with particular function acquisition company New Providence, which trades beneath ticker NPA.

Stockholders voted on Thursday to approve the transaction, with the closing anticipated “on or about April 6,” or next Tuesday. The mixed company of AST & Science and New Providence shall be often called AST Space Mobile, and will commerce beneath the ticker ASTS.

New Providence’s inventory slipped 2.4% in trading on Thursday to close at $11.39 a share.

AST SpaceMobile, based mostly in Midland, Texas, is constructing a community of satellites, also referred to as a constellation, that’s designed to ship broadband from house immediately to shopper smartphones. Existing satellite tv for pc networks require further bodily units to join to the service, corresponding to Iridium’s cellular satellite tv for pc telephones or SpaceX’s Starlink person terminals.

The company, which raised about $120 million earlier than the SPAC deal, expects to add about $462 million in complete proceeds from the merger. The new capital will fund the company’s improvement of its community, with AST planning to launch its next demonstration satellite tv for pc BlueWalker three later this yr.

AST’s anticipated close would come as the primary of a latest sequence of house SPAC’s to full its merger. Including AST, seven house corporations have introduced offers with SPAC’s up to now six months.

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