Form type: PRER14A
Filing date: 2021-01-27
Accepted: 2021-01-27 21:25 UTC
Description: PRELIMINARY REVISED PROXY SOLICITING MATERIALS
Document: prer14a0121a1_newprovidence.htm
Format: html
Size: 17586.6 KB
Download status: downloaded
0001213900-21-004628 — Filed 2021-01-27
Form type: PRER14A
Filing date: 2021-01-27
Accepted: 2021-01-27 21:25 UTC
Description: PRELIMINARY REVISED PROXY SOLICITING MATERIALS
Document: prer14a0121a1_newprovidence.htm
Format: html
Size: 17586.6 KB
Download status: downloaded
New Providence Acquisition Corp. agreed to merge with AST & Science LLC, a satellite broadband company, in a deal that would create AST SpaceMobile, Inc. and result in NPA stockholders owning approximately 16% of the combined company while AST's existing equityholders would own 94%, with the transaction backed by $230 million in committed private investments and requiring NPA to maintain at least $250 million in cash and $5 million in tangible assets at closing. The merged company would operate as an umbrella partnership structure with AST holding substantially all operating assets, and would pursue a global direct mobile broadband network via low Earth orbit satellites accessible through standard smartphones, pending stockholder approval of seven proposals including the business combination, charter amendments, and incentive plans.