AST SpaceMobile, which exploits research conducted at University of Maryland, has gone public through a reverse merger with New Providence Acquisition Corp.
AST SpaceMobile, a US-based space-based cellular broadband network developer exploiting research at University of Maryland, completed a reverse merger with special purpose acquisition company New Providence Acquisition Corp today.
The company secured a total of $462m in gross proceeds through the transaction, consisting of $232m held by New Providence and $230m in private investment in public equity from e-commerce group Rakuten, telecoms firm Vodafone, wireless communications infrastructure operator American Tower and UBS O’Connor.
AST is now trading on…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
