AST SpaceMobile, the company creating the first space-based cellular broadband network for everyday smartphones, has announced the completion of its redemption of all publicly traded warrants (the “Public Warrants”) to purchase shares of Class A common stock, par value $0.0001 per share. These warrants were issued under the Warrant Agreement dated September 13, 2019, between AST SpaceMobile (formerly New Providence Acquisition Corp.) and Continental Stock Transfer & Trust Company.
The redemption price for the Public Warrants was set at $0.01 per warrant, effective as of 5:00 p.m. New York City time on September 27, 2024 (the “Redemption Date”). Prior to this date, AST SpaceMobile had announced on August 28, 2024, its intention to redeem all outstanding Public Warrants at the specified price. Since the initial public offering of New Providence Acquisition Corp., 13,360,574 Public Warrants were exercised for cash at an exercise price of $11.50 per share, resulting in approximately $153.6 million in proceeds. However, 236,294 Public Warrants remained unexercised as of the Redemption Date and were redeemed for a total of $2,362.94. Following this redemption, AST SpaceMobile no longer has any Public Warrants outstanding.
As a result of the redemption, the Public Warrants ceased trading on the Nasdaq Global Select Market and were delisted as of September 27, 2024. The Class A Common Stock continues to trade under the symbol “ASTS.”
About AST SpaceMobile
AST SpaceMobile is developing the world’s first global cellular broadband network in space, designed to work directly with standard mobile devices. The technology aims to bridge connectivity gaps for the five billion mobile subscribers worldwide and provide broadband access to billions more. For more information, visit AST SpaceMobile on YouTube, X (formerly Twitter), LinkedIn, and Facebook.
No Offer or Solicitation
This press release does not constitute an offer to sell or a solicitation of an offer to buy any AST SpaceMobile securities in any jurisdiction where such an offer would be unlawful.
Forward-Looking Statements
This communication contains forward-looking statements involving risks and uncertainties that may cause actual results to differ materially. These statements include expectations regarding strategies, financial performance, business plans, timing of satellite launches, and potential market demand. Factors that could affect results include regulatory approvals, competition, and economic conditions. For more details, refer to AST SpaceMobile’s filings with the SEC, including its Form 10-K filed on April 1, 2024. AST SpaceMobile cautions against placing undue reliance on forward-looking statements, which are made only as of the date of this release.
