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Thursday, December 31, 2020 8:18:49 AM
The company's tech promises to deliver broadband speeds to cellphones without any additional equipment.
Dec 16, 2020 at 1:25PM
Author Bio
AST & Science, a company trying to deliver broadband-speed internet to smartphones without any additional equipment, is jumping on the SPAC train, agreeing to a deal with special purpose acquisition company New Providence Acquisition (NASDAQ:NPA) that would take the company public.
AST is developing a constellation of satellites it calls SpaceMobile that it says will allow terrestrial phones to access 5G broadband speeds. There are a number of existing services that offer high-speed internet from space, including Iridium and SpaceX's Starlink service, but all existing options require special satellite phones or expensive base stations to access the networks.
Abel Avellan, the CEO of AST, issued this statement: "Universal broadband access has become a global necessity, and we are uniquely positioned to leverage our innovative technology solution and efficient business model to democratize broadband cellular access across the globe. Building on the strong investor support we have received in the private markets, we are thrilled to partner with New Providence and transition AST SpaceMobile to a public company, which will solidify our financial profile as we continue to execute on our vision."
The company was founded in 2017 and has raised about $100 million in start-up capital. AST has one test satellite in orbit today, and plans to begin commercial launches in 2022 hoping to have its operations up and running by 2023.
Terms of the deal call for AST to merge with New Providence, with the combination also securing $230 million in a private placement investment. Post-merger, the combination, which will keep the AST name and trade under the ticker ASTS, will have an equity value of $1.8 billion and about $540 million in total capital. That's enough to build and launch its first round of satellites and develop its ground infrastructure.
AST's existing shareholders, a group that includes Vodafone (NASDAQ:VOD) and American Tower (NYSE:AMT), will increase their equity holdings as part of the transaction.
AST is the third space-focused company to go public via a SPAC merger in the last year, joining Virgin Galactic Holdings and Momentus, which has a deal in place to merge with Stable Road Capital.
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Recent ASTS News
- The Gross Law Firm Notifies Shareholders of AST SpaceMobile, Inc.(ASTS) of a Class Action Lawsuit and an Upcoming Deadline • PR Newswire (US) • 05/07/2024 09:55:00 AM
- AST SpaceMobile Welcomes Andrew Johnson as New Chief Legal Officer • Business Wire • 05/06/2024 09:09:00 PM
- Shareholders that lost money on AST SpaceMobile, Inc.(ASTS) should contact The Gross Law Firm about pending Class Action - ASTS • PR Newswire (US) • 05/03/2024 09:45:00 AM
- AST SpaceMobile to Provide Quarterly Business Update on May 15, 2024 • Business Wire • 04/29/2024 09:00:00 PM
- AST SpaceMobile, Inc. Sued for Securities Law Violations - Contact The Gross Law Firm Before June 17, 2024 to Discuss Your Rights - ASTS • PR Newswire (US) • 04/26/2024 09:45:00 AM
- AST SpaceMobile Provides Business Update and Fourth Quarter and Full Year 2023 Results • Business Wire • 04/01/2024 08:30:00 PM
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- AST SpaceMobile to Provide Quarterly Business Update on April 1, 2024 • Business Wire • 03/20/2024 10:30:00 PM
- AST SpaceMobile Updates Licensing Administration of its Satellite Constellation • Business Wire • 03/12/2024 04:13:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 03/06/2024 09:32:01 PM
- AST SpaceMobile's Abel Avellan Appointed Commissioner to the ITU/UNESCO Broadband Commission • Business Wire • 02/21/2024 11:30:00 PM
- AST SpaceMobile Announces Participation in Upcoming Conferences • Business Wire • 02/20/2024 01:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/16/2024 11:02:08 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/13/2024 02:45:11 AM
- AST SpaceMobile Announces New Contract Award with United States Government Through Prime Contractor • Business Wire • 02/08/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/29/2024 09:10:40 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/23/2024 09:10:38 PM
- AST SpaceMobile CEO Publishes Letter to Shareholders • Business Wire • 01/23/2024 04:33:00 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 01/19/2024 09:10:21 PM
- AST SpaceMobile, Inc. Announces Pricing of $100,000,000 Public Offering of Class A Common Stock • Business Wire • 01/19/2024 02:18:00 AM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 01/18/2024 10:09:55 PM
- AST SpaceMobile Gets Investments From AT&T, Google • Dow Jones News • 01/18/2024 10:00:00 PM
- AST SpaceMobile, Inc. Announces Launch of Offering of $100,000,000 of Class A Common Stock • Business Wire • 01/18/2024 09:39:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/18/2024 09:36:06 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 01/18/2024 09:31:27 PM
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