Quarterly Report (10-Q)

New Providence Acquisition Corp., a blank check company formed in May 2019, raised $230 million in gross proceeds through an initial public offering of 23 million units in September 2019 and concurrent private warrant sales, with all funds placed in a trust account invested in U.S. Treasury bills. As of June 30, 2020, the company had $232.1 million in trust account securities and $399,260 in operating cash, having not yet identified or completed a business combination target and facing a March 31, 2021 deadline to consummate one or return funds to public shareholders. The company reported net income of $795,275 for the first half of 2020 driven by $1.3 million in interest earned on trust account investments, offset by $339,188 in operating costs and taxes, while incurring substantial doubt about going concern due to limited liquidity outside the trust account.