Form type: SC 13D
Filing date: 2021-04-16
Accepted: 2021-04-16 20:55 UTC
Description: SCHEDULE 13D
Document: mmik20210416_sc13d.htm
Format: html
Size: 126.6 KB
Download status: downloaded
SC 13D
0001437749-21-009151 — Filed 2021-04-16
Rakuten Mobile and founder Hiroshi Mikitani acquired a combined 38.64% stake in AST SpaceMobile following the company's April 6, 2021 business combination with New Providence Acquisition Corp., consisting of 28.5 million convertible units and 2.5 million Class A shares purchased for $25 million in a PIPE investment. The transaction established an umbrella partnership-C corporation structure with multiple governance provisions, including board representation rights for Rakuten and transfer restrictions on the acquired securities until April 6, 2022, after which the convertible units may be redeemed for additional Class A shares on a one-to-one basis.