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 the Nasdaq Capital Market under the ticker symbols ASTS and ASTSW for its common stock and its warrants, respectively.
Incorporated in 2017 as AST & Science, AST SpaceMobile is looking to deploy a satellite network that is capable of delivering broadband connectivity to smartphones globally. It expects to launch the first phase of its network in 2023 and cover 49 countries along the equator.
The company’s chief scientist for space systems is Ray Sedwick, a professor in University of Maryland’s A James Clark School of Engineering and director of its Space Power and Propulsion Laboratory.
AST had raised a total of $128m as of March 2020, when it collected $110m in a round co-led by Vodafone and Rakuten.
The round also included American Tower, consumer electronics manufacturer Samsung’s investment fund Samsung Next, diversified group Cisneros and chief executive and founder Abel Avellan.
Cisneros had previously supplied an undisclosed amount in 2018.
