Satellite company AST SpaceMobile expects to close SPAC deal next week and begin trading on Nasdaq

Satellite company AST SpaceMobile expects to close SPAC deal next week and begin trading on Nasdaq

AST’s corporate headquarters and high-volume manufacturing facility in Midland, Texas

AST & Science

Satellite-to-smartphone broadband company AST & Science expects to close its SPAC merger next week, the company said on Thursday. Its stock will trade on the Nasdaq.

Last year, the company announced plans to merge with special purpose acquisition company New Providence, which trades under ticker NPA.

Stockholders voted on Thursday to approve the transaction, with the closing expected “on or about April 6,” or next Tuesday. The combined company of AST & Science and New Providence will be known as AST Space Mobile, and will trade under the ticker ASTS.

New Providence’s stock slipped more than 4% in midday trading from its previous close of $11.67 a share.

AST SpaceMobile, based in Midland, Texas, is building a network of satellites, also known as a constellation, that is designed to deliver broadband from space directly to consumer smartphones.

This story is developing. Please check back for updates.

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