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.