PRER14A

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

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AI Summary

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.

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