AST's company headquarters and high-volume manufacturing facility in Midland, TexasAST & ScienceSatellite tv for pc-to-smartphone broadband fir
AST’s company headquarters and high-volume manufacturing facility in Midland, Texas
AST & Science
Satellite tv for pc-to-smartphone broadband firm AST & Science expects to shut its SPAC merger subsequent week, the corporate stated on Thursday. Its inventory will commerce on the Nasdaq.
Final 12 months, the corporate introduced plans to merge with particular objective acquisition firm New Windfall, which trades beneath ticker NPA.
Stockholders voted on Thursday to approve the transaction, with the closing anticipated “on or about April 6,” or subsequent Tuesday. The mixed firm of AST & Science and New Windfall can be often known as AST House Cellular, and can commerce beneath the ticker ASTS.
New Windfall’s inventory slipped greater than 4% in noon buying and selling from its earlier shut of $11.67 a share.
AST SpaceMobile, based mostly in Midland, Texas, is constructing a community of satellites, also called a constellation, that’s designed to ship broadband from house on to client smartphones. Current satellite tv for pc networks require further bodily units to connect with the service, akin to Iridium’s cellular satellite tv for pc telephones or SpaceX’s Starlink consumer terminals.
The corporate, which raised about $120 million earlier than the SPAC deal, expects so as to add about $462 million in complete proceeds from the merger. The brand new capital will fund the corporate’s growth of its community, with AST planning to launch its subsequent demonstration satellite tv for pc BlueWalker three later this 12 months.
AST’s anticipated shut would come as the primary of a latest sequence of house SPAC’s to finish its merger. Together with AST, seven house corporations have introduced offers with SPAC’s prior to now six months.