NPAWW - AST & Science to go public via merger with New Providence Acquisition

AST & Science (AST SpaceMobile) inks a business combination agreement with New Providence Acquisition (NPAWW).Upon completion of the transaction, AST SpaceMobile will become a publicly traded company, and will be listed on the NASDAQ exchange under the symbol "ASTS". Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile, will continue to lead the business post-transaction.The combined company will have an estimated $1.4B pro forma enterprise value, or 1.4 times calendar year 2024's estimated EBITDA of ~$1B and is expected to have an equity value of ~$1.8B at closing and expects to receive up to $462M in gross proceeds.Upon closing the deal, AST SpaceMobile's existing shareholders will hold ~ 71% of the issued and outstanding shares of common stock.All AST SpaceMobile shareholders are retaining 100% of their equity in the combined company. The cash proceeds will be used to fund phase one of the commercial launch of AST SpaceMobile's space assets.Shares are up 3.1% PM.

For further details see:

AST & Science to go public via merger with New Providence Acquisition