Quarterly Report (10-Q)

New Providence Acquisition Corp. completed its merger with AST & Science LLC on April 6, 2021, rebranding as AST SpaceMobile and securing approximately $227 million from its trust account plus $230 million in committed private investment to fund the combined entity's operations. The company is a pre-revenue, early-stage space technology venture organized as an up-C structure, with warrant liabilities of $66.1 million marked down from $68.1 million during the quarter, generating $597,000 in net income primarily from trust account interest and fair value gains on warrant revaluation. Management identified a material weakness in internal controls related to warrant accounting that resulted in a restatement of the prior year's financial statements following SEC guidance issued in April 2021.