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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 mentioned on Thursday. Its inventory will commerce on the Nasdaq.
Final yr, the corporate introduced plans to merge with particular function acquisition firm New Windfall, which trades underneath 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 will probably be referred to as AST Area Cellular, and can commerce underneath 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 client smartphones. Present satellite tv for pc networks require extra bodily units to connect with the service, comparable 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 whole 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 3 later this yr.
AST’s anticipated shut would come as the primary of a current collection of area SPAC’s to finish its merger. Together with AST, seven area firms have introduced offers with SPAC’s up to now six months.
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