{"id":472110,"date":"2021-04-06T15:43:59","date_gmt":"2021-04-06T19:43:59","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=472110"},"modified":"2021-04-06T15:43:59","modified_gmt":"2021-04-06T19:43:59","slug":"ast-spacemobile-to-begin-trading-on-nasdaq-as-asts","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\/","title":{"rendered":"AST SpaceMobile to Begin Trading on Nasdaq as \u201cASTS\u201d"},"content":{"rendered":"<h2>\nTransaction proceeds expected to fully fund phase one of the first and only space-based cellular broadband network, providing access to 1.6 billion population in 49 initial countries<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"left\">MIDLAND, Texas, April  06, 2021  (GLOBE NEWSWIRE) &#8212; AST SpaceMobile, Inc. (NASDAQ: ASTS) (\u201cAST SpaceMobile\u201d or the \u201cCompany\u201d), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced that it completed its business combination with New Providence Acquisition Corp. (&#8220;New Providence&#8221;). New Providence\u2019s stockholders approved the business combination on April 1, 2021. Beginning on April 7, 2021, AST SpaceMobile\u2019s Class A common stock and warrants will start trading on Nasdaq under the ticker symbols \u201cASTS\u201d and \u201cASTSW\u201d, respectively.<\/p>\n<p>AST SpaceMobile\u2019s unique service offering is backed by an extensive IP portfolio and addresses a $1 trillion global mobile wireless services market. Once deployed, its services will eliminate connectivity gaps faced by at least five billion mobile subscribers and bring cellular broadband to approximately half of the world\u2019s population who remain unconnected, in collaboration with world-class mobile network operators and wireless infrastructure companies, including <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=_ku6_kaD1zy_S7atArUrAzZGnSr6OZNM0qBR7fdI6vW5aFpHK2Qf4BdBr0t6zrVPtXQMmNg1_BSIGzVr2vyxiQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Vodafone Group<\/a> (\u201cVodafone\u201d), <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8gKwiEXK0b8TckD9LxHTs0QyaxUSEJTXLbqboLQX5jTLLCG8foks9NBk9G9r_fks7uezfF2rS3ulWsMlaPTvVw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Rakuten<\/a> and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=vQafYeG6gl7yC5MpIvrNkRe9zDZO_5C7zop0RSKSpWdvuucac-nTsizW4VO2OufOlKfWwuPUzriCCUqVmkbdPoAETMqi6UNblo-1_1uJ51I=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">American Tower<\/a>.<\/p>\n<p>AST SpaceMobile has unveiled plans to launch, in partnership with Vodafone, the first phase of its space-based mobile network in 2023 to transform coverage for the 49 largest countries in the equatorial region; announced its <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=GtxU7O47mwXjETUE3ovN-oaw-APlR3qbf0ycj0QUQIo7cLzwdZpARRRs3iLcXu5RXDZMq1ks0jdpnnJ1q8lx1I9Emx2rXype471EA-xiUSKVfcnXZd7kv-ARmxESyF1vzkVVSInne1dYKKuw5F3-LA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">1,000<\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8SMnwC8enlyoJGP0yDi9lrLLcoZvaIAEL-vb5731hPyPB8rwvQPtAyTe6XCnaW1TwCbg3zcDf8tIb6a9tcqCBrQWmye8AzZlFwAIWGXqsWb_583-5Ylbu8N8gEFzm2bDNqE5MZiSfW3f0eiA-x_y1Q==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><sup>th<\/sup><\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lwicM4ewTD8Pm7RcDUZckc7tL_tV5iSreKCW9rO3O84uL2QjHMuEfa2qhHHrhtYrxU8dMfVLhrBnJf_KZ3JPu0PAyY2z3-hACJOxbKxkYFYvl3EVTgOTIhom295X_qgB2joc3aVFKFVLmRwEuMFt-HsWMCVCwj4GY0_EzJs0NGElSGH0WeS9--EjLVS42bcU\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"> patent and patent pending claim<\/a> in a testament to the Company\u2019s commitment to innovation and discovery; and announced expanded appointments to its Board of Directors.<\/p>\n<p>\u201cCompleting this transaction and becoming a public company is not only a testament to the strength of our technology, partners and our team, but also affirms the power of our mission to provide connectivity from space to every mobile phone around the world,\u201d said Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile. \u201cWe are uniquely positioned to leverage our ground-breaking technologies to deliver affordable, accessible coverage to hundreds of millions of people. As a result of this transaction, we believe we are fully funded and prepared to execute phase one of our commercial launch and bring coverage to 49 countries in the equatorial region with a total population of approximately 1.6 billion people.\u201d<\/p>\n<p>AST SpaceMobile received $462 million in gross proceeds from the transaction, consisting of New Providence\u2019s approximately $232 million cash in trust and approximately $230 million from a PIPE investment, including investments from Rakuten, Vodafone, American Tower, UBS O\u2019Connor. The Company had no debt on the balance sheet at closing.<\/p>\n<p>\u201cWith its innovative and patented technology solution, built-in access to 1.3 billion people through some of the world\u2019s largest cellular operators, and efficient business model that enables worldwide expansion, we believe AST SpaceMobile is poised for significant and sustainable growth as a public company,\u201d said Alex Coleman, Chairman of New Providence. \u201cWe are pleased to support AST SpaceMobile\u2019s mission to achieve global cellular broadband connectivity and believe it is ideally positioned to capitalize on a unique market opportunity that will deliver compelling value to customers and investors over the long term.\u201d<\/p>\n<p>Barclays acted as financial advisor and capital markets advisor to AST SpaceMobile. Barclays and Deutsche Bank Securities Inc. acted as placement agents to New Providence in connection with the PIPE offering. Deutsche Bank Securities Inc. and BTIG LLC acted as financial and capital markets advisors to New Providence. Latham &amp; Watkins LLP and Foley &amp; Lardner LLP acted as legal counsel to AST SpaceMobile, and Kirkland &amp; Ellis LLP acted as legal counsel to New Providence.<\/p>\n<p>\n        <strong>About AST SpaceMobile<\/strong>\n      <\/p>\n<p>AST SpaceMobile is building the first, and only, space-based cellular broadband network to operate directly with standard, unmodified mobile devices based on its extensive IP and patent portfolio. AST SpaceMobile\u2019s team of engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today\u2019s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. Follow AST SpaceMobile on Twitter <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=emF4fMw36bN2rEnYAZ76evfBChIryNewCgSjOkONALupcn0C2KpXi9RWLREcjW20LxzLwRZo_l20Sj5LLwV-k21S_Ds4eKH7JO9uE4pFluQ=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>@AST_SpaceMobile<\/u><\/a><u>,<\/u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=2X5AVxyIqC5kDE9-jBSEoxkG0f_AhI442jsXCNcC-gxEkHn5F88J4PagzjavGvVRxltJE0PxVvCjv94zo3UhseyxFswvijk9AXKkr0NaHvY=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>LinkedIn<\/u><\/a>, and for an overview on the SpaceMobile mission, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Em42vln8Fo9NW_mcIfCTs4dPx0JEB6RhVO7HYobqVc92axou0eeAIClOoIRgXu1XEHkKG4WL0liaHzH11ooqynovxn4_3_JHjnwJ2ZmvDWI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">view this video.<\/a><\/p>\n<p>\n        <strong>About New Providence Acquisition Corp.\u00a0<\/strong>\n      <\/p>\n<p>New Providence Acquisition Corp. was a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In September 2019, New Providence Acquisition Corp. consummated a $230 million initial public offering of 23 million units (reflecting the underwriters\u2019 exercise of their over-allotment option in full).<\/p>\n<p>\n        <strong>Forward-Looking Statements <\/strong>\n      <\/p>\n<p>This communication contains \u201cforward-looking statements\u201d that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words \u201cbelieves,\u201d \u201cestimates,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cpotential,\u201d \u201cprojects,\u201d \u201cpredicts,\u201d \u201ccontinue,\u201d or \u201cshould,\u201d or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include, without limitation, statements concerning AST SpaceMobile\u2019s expectations with respect to future performance and market size and anticipated financial impacts of the Business Combination.<\/p>\n<p>These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile\u2019s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile\u2019s strategies and future financial performance, including AST\u2019s future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing and level of deployment of satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST\u2019s ability to invest in growth initiatives; (ii) the inability to maintain the listing of AST SpaceMobile\u2019s shares of common stock on The Nasdaq Stock Market; (iii) the risk that the consummation of the Business Combination disrupts current plans and operations; (iv) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees; (v) changes in applicable laws or regulations; (vi) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and\/or competitive factors; (vii) the outcome of any legal proceedings that may be instituted against AST SpaceMobile concerning the Business Combination; and (viii) other risks and uncertainties indicated in the proxy statement, including those under the section entitled \u201cRisk Factors\u201d in the Definitive Proxy Statement relating to the Business Combination, and in the Company\u2019s other filings with the SEC.<\/p>\n<p>AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Definitive Proxy Statement relating to the Business Combination. AST SpaceMobile\u2019s securities filings can be accessed on the EDGAR section of the SEC\u2019s website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JNt8Aoc337WKp9C7INvlVt-67ACVKNqUZ2NYOY-keBQqz6NOlxIRaZgu4OZt1VOlcqc-92SDh29W6wWjtcSAXw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.sec.gov<\/a>. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.<\/p>\n<p>\n        <strong>Investor Contact:<\/strong><br \/>\n        <br \/>\n        <strong>Michael Bowen<\/strong><br \/>\n        <br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=gpSii4nfJQFvDRzHO5JSEWUUx26wQky4GRlQw5dYJy1-mXep0Jd1aNuAdDO_vkBwFn4xa3dFXpE_BAixepNyW2-1pth_fvuUCUoCxVutka47RegFJCBoxiyzfD5gFEnC\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/>\n          <strong>investors@ast-science.com<\/strong><br \/>\n        <\/a><br \/>\n        <br \/>\n        <strong> +1 (203) 682-8299<\/strong>\n      <\/p>\n<p>\n        <strong>Media Contact:<\/strong><br \/>\n        <br \/>\n        <strong>Brandyn Bissinger<\/strong><br \/>\n        <br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1J_qFUBBuy0f441C8eSp2dNdf5qMMOZLQlGfq0QUbhKcEqy2xY3pT7XnbarBHe_NZhCa_gS55xwUz2i8rNTlJ9SoZTdi0s1kavoSLy4Kz4w=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/>\n          <strong>press@ast-science.com<\/strong><br \/>\n        <\/a><br \/>\n        <br \/>\n        <strong>+1 866 845 6521<\/strong>\n      <\/p>\n<p>\ufeffA video accompanying this announcement is available at:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LKHPohpbfs0Rrfviq9P444NmZcETNTNIkBod5ko0VB6s0CVQSfZD7ManYAsy-JXRoRLaAOx86uNx2sC09YHKOXfzAEfk--9esm61bd-nTi5pN4vxNt4kMz5wOsxYhaO34-ICpXG-8WMcBgBt4G_fAsaiewmD_cm9PlFxv8ttX0LFYywUJ_QFMAV7dfJVrkfpveeHMwFFiqSssw6g9KYVb6fIP5tsKYZu3EEW_DN5c6tsmoHTODyMhk03hocWGG62ZjYMfrVtXelYF3b_jvx53A==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/3636f787-fb9b-4c41-a0a7-c015a4f03595<\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMjQ1MCM0MTA4MTM4IzIyMDc0Mzg=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/daab1f88-fcbe-4c88-b358-16e02173a102\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Transaction proceeds expected to fully fund phase one of the first and only space-based cellular broadband network, providing access to 1.6 billion population in 49 initial countries MIDLAND, Texas, April 06, 2021 (GLOBE NEWSWIRE) &#8212; AST SpaceMobile, Inc. (NASDAQ: ASTS) (\u201cAST SpaceMobile\u201d or the \u201cCompany\u201d), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced that it completed its business combination with New Providence Acquisition Corp. (&#8220;New Providence&#8221;). New Providence\u2019s stockholders approved the business combination on April 1, 2021. Beginning on April 7, 2021, AST SpaceMobile\u2019s Class A common stock and warrants will start trading on Nasdaq under the ticker symbols \u201cASTS\u201d and \u201cASTSW\u201d, respectively. AST SpaceMobile\u2019s unique service offering is &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AST SpaceMobile to Begin Trading on Nasdaq as \u201cASTS\u201d&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-472110","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AST SpaceMobile to Begin Trading on Nasdaq as \u201cASTS\u201d - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AST SpaceMobile to Begin Trading on Nasdaq as \u201cASTS\u201d - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Transaction proceeds expected to fully fund phase one of the first and only space-based cellular broadband network, providing access to 1.6 billion population in 49 initial countries MIDLAND, Texas, April 06, 2021 (GLOBE NEWSWIRE) &#8212; AST SpaceMobile, Inc. (NASDAQ: ASTS) (\u201cAST SpaceMobile\u201d or the \u201cCompany\u201d), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced that it completed its business combination with New Providence Acquisition Corp. (&#8220;New Providence&#8221;). New Providence\u2019s stockholders approved the business combination on April 1, 2021. Beginning on April 7, 2021, AST SpaceMobile\u2019s Class A common stock and warrants will start trading on Nasdaq under the ticker symbols \u201cASTS\u201d and \u201cASTSW\u201d, respectively. AST SpaceMobile\u2019s unique service offering is &hellip; Continue reading &quot;AST SpaceMobile to Begin Trading on Nasdaq as \u201cASTS\u201d&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-06T19:43:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMjQ1MCM0MTA4MTM4IzIyMDc0Mzg=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"AST SpaceMobile to Begin Trading on Nasdaq as \u201cASTS\u201d\",\"datePublished\":\"2021-04-06T19:43:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\\\/\"},\"wordCount\":1289,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODIxMjQ1MCM0MTA4MTM4IzIyMDc0Mzg=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\\\/\",\"name\":\"AST SpaceMobile to Begin Trading on Nasdaq as \u201cASTS\u201d - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/ast-spacemobile-to-begin-trading-on-nasdaq-as-asts\/","og_locale":"en_US","og_type":"article","og_title":"AST SpaceMobile to Begin Trading on Nasdaq as \u201cASTS\u201d - Market Newsdesk","og_description":"Transaction proceeds expected to fully fund phase one of the first and only space-based cellular broadband network, providing access to 1.6 billion population in 49 initial countries MIDLAND, Texas, April 06, 2021 (GLOBE NEWSWIRE) &#8212; AST SpaceMobile, Inc. (NASDAQ: ASTS) (\u201cAST SpaceMobile\u201d or the \u201cCompany\u201d), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced that it completed its business combination with New Providence Acquisition Corp. (&#8220;New Providence&#8221;). New Providence\u2019s stockholders approved the business combination on April 1, 2021. Beginning on April 7, 2021, AST SpaceMobile\u2019s Class A common stock and warrants will start trading on Nasdaq under the ticker symbols \u201cASTS\u201d and \u201cASTSW\u201d, respectively. 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