PRER14A

0001213900-21-009164 — Filed 2021-02-16

Form type: PRER14A

Filing date: 2021-02-16

Accepted: 2021-02-16 11:08 UTC

Description: N/A

Document: prer14a2_newprovidenceacq.htm

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Size: 17518.2 KB

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AI Summary

New Providence Acquisition Corp., a blank check company, agreed to merge with AST & Science LLC in a deal that will create AST SpaceMobile, Inc., with the combined entity going public on Nasdaq under ticker "ASTS." The transaction values AST at approximately $462 million in gross proceeds (assuming no stockholder redemptions) and includes $230 million in committed private investment from PIPE investors, with existing AST founders retaining approximately 88% voting control through super-voting Class C shares while current NPA public shareholders will own roughly 6% post-closing. The deal requires NPA stockholder approval of seven proposals including charter amendments establishing the multi-class voting structure, and public shareholders retain redemption rights to exit before closing at approximately $10.09 per share based on September 2020 trust account balances.

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