Kirkland Advises New Providence Acquisition Corp. on Business Combination with AST & Science
Kirkland & Ellis advised New Providence Acquisition Corp., a special purpose acquisition company, on the consummation of its business combination with AST & Science, LLC, a cutting-edge satellite design and manufacturing company that is building a first-of-its-kind, space-based cellular broadband network to be accessible directly by standard smartphones. The combined company received approximately $462 million of gross proceeds, consisting of New Providence’s approximately $232 million cash in trust and approximately $230 million from a PIPE investment, including investments from Rakuten, Vodafone, American Tower, and UBS O’Connor. The combined company now operates as AST SpaceMobile, Inc. and is listed on the Nasdaq under the symbol “ASTS.”
Read the AST SpaceMobile press release
The Kirkland team was led by capital markets partner Julian Seiguer and corporate associate Bill Halaby with assistance from corporate partner Douglas Ryder and capital markets partner Christian Nagler. The team included corporate associates Tonna Onyendu and Jorge Toledo, capital markets partner Peter Seligson and associates Logan Weissler, Mathieu Kohmann, Enid Qin, Caleb Martin and Josue Medina.
