Quarterly Report (10-Q)

New Providence Acquisition Corp., a blank check company, completed an initial public offering in September 2019 raising $230 million in gross proceeds (including an over-allotment exercise) plus an additional $6.1 million from private warrant sales, with all IPO proceeds deposited into a trust account for future business combinations. For the three months ended March 31, 2020, the company generated $847,252 in net income primarily from $886,099 in interest earned on trust account securities and a $371,628 unrealized gain, offset by $185,257 in operating costs and $225,218 in tax provisions. The company had 18 months from September 2019 to complete a business combination meeting specific criteria, with $519,627 in working capital available outside the trust account as of quarter-end.