Foley Advises AST SpaceMobile in Combination with New Providence Acquisition Corp.

12 April 2021 Media Contact: Jen Dilworth News

Foley & Lardner LLP acted as co-legal counsel to AST SpaceMobile, Inc. – the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones – in its combination with New Providence Acquisition Corp. As of April 7, 2021, AST SpaceMobile’s Class A common stock and warrants started trading on NASDAQ under the symbols “ASTS” and “ASTSW.”

AST SpaceMobile’s service offering addresses a $1 trillion global mobile wireless market. Once implemented, its services will eliminate the connectivity gaps experienced by billions of mobile subscribers and bring cellular broadband to almost half the world’s population who are unconnected. This will be accomplished in collaboration with mobile network operators and wireless infrastructure companies like Vodafone Group, Rakuten and American Tower.

AST SpaceMobile received $462 million in gross proceeds from the transaction, consisting of New Providence’s approximately $232 million cash in trust and roughly $230 million from a PIPE investment, including investments from Rakuten, Vodafone, American Tower and UBS O’Connor.

The Foley team was led by partners Paul Broude, David Kantaros and John Wolfel, with support from senior counsels Von Bryant and Garrett Bishop and associate Jasmine Joseph.

Related Services

Insights

DOL Rolls Back Trump Administration’s Independent Contractor Rule
05 May 2021
Labor & Employment Law Perspectives
190 Across the Finish Line: CFTC Adopts New Bankruptcy Rules for FCMS and DCOS
05 May 2021
The Journal on the Law of Investment & Risk Management Products, Futures & Derivatives Law Report
Understanding SPACs' Hidden Capital Costs
05 May 2021
Law360
The Export Import Bank of the United States: Priorities and Programs Supporting U.S. Businesses and Jobs
04 May 2021
Manufacturing Industry Advisor
Home Care 100
27-30 June 2021
Marco Island, FL
2021 AANP National Conference
15 June - 31 August 2021
Virtual Conference
HCCA Orange County Regional Healthcare Compliance Conference
11 June 2021
Virtual Conference
Rx Pricing and Reimbursement Summit
24-25 May 2021
Virtual Conference