AST & Science to shut SPAC deal, start buying and selling on Nasdaq subsequent week

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 yr, the corporate introduced plans to merge with particular goal acquisition firm New Windfall, which trades below 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 might be often known as AST Area Cellular, and can commerce below the ticker ASTS.

New Windfall’s inventory slipped 2.4% in buying and selling on Thursday to shut at $11.39 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 area on to shopper smartphones. Present satellite tv for pc networks require further bodily units to connect with the service, similar to Iridium’s cell 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 whole proceeds from the merger. The brand new capital will fund the corporate’s improvement of its community, with AST planning to launch its subsequent demonstration satellite tv for pc BlueWalker 3 later this yr.

AST’s anticipated shut would come as the primary of a latest sequence of area SPAC’s to finish its merger. Together with AST, seven area firms have introduced offers with SPAC’s previously six months.