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

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

AST’s corporate headquarters and high-volume from whole cloth facility in Midland, Texas

AST & Science

Satellite-to-smartphone broadband company AST & Science expects to close its SPAC merger next week, the business said on Thursday. Its stock will trade on the Nasdaq.

Last year, the company announced plans to merge with celebratory purpose acquisition company New Providence, which trades under ticker NPA.

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

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

AST SpaceMobile, based in Midland, Texas, is building a network of satellites, also identified as a constellation, that is designed to deliver broadband from space directly to consumer smartphones. Existing satellite networks ask for additional physical devices to connect to the service, such as Iridium’s mobile satellite phones or SpaceX’s Starlink drug terminals.

The company, which raised about $120 million before the SPAC deal, expects to add about $462 million in complete proceeds from the merger. The new capital will fund the company’s development of its network, with AST planning to launch its next proof satellite BlueWalker 3 later this year.

AST’s expected close would come as the first of a recent series of seat SPAC’s to complete its merger. Including AST, seven space companies have announced deals with SPAC’s in the before six months.

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