Space stock New Providence Acquisition (NASDAQ: NPA) blasted off on Tuesday, closing the day up 20.9% after noted short seller Citron Research issued a "long" recommendation on this special purpose acquisition company (SPAC).
To refresh your memory, New Providence is the SPAC that announced, back in January, plans to reverse-merge into itself space cellular communications company AST SpaceMobile. In so doing, it would (1) effectively execute an IPO of SpaceMobile and (2) give SpaceMobile about $462 million to use, building and launching a satellite constellation that would permit ordinary cellphones to talk with each other via space.
SpaceMobile says its satellite network is going to be "game-changing ... for global mobile connectivity" and will give it access to a "$1 trillion global mobile wireless services market" with 5 billion potential customers for its services.
For further details see:
Why New Providence Acquisition Stock Went to the Moon Today