MIDLAND, Texas, March 2, 2021 /PRNewswire/ -- AST &
Science, LLC ("AST"), the company building the first and only
space-based cellular broadband network accessible directly by
standard mobile phones, today announced the Board of Directors of
AST SpaceMobile, Inc. ("AST SpaceMobile"). AST SpaceMobile
will be a public company (NASDAQ: ASTS) following AST's expected
business combination ("AST Business Combination") with New
Providence Acquisition Corp. ("NPA") (NASDAQ: NPA, NPAUU and
NPAWW), a special purpose acquisition company.
"We're thrilled to have the expertise of our board members, who
are pioneers in their industries, including the additions of
Edward Knapp of American Tower,
Richard Sarnoff of KKR, Ronald
Rubin of Tower Alliance, Julio Torres of Multiple Equilibria
Capital and Alex Coleman of NPA,"
said Abel Avellan, Chief Executive Officer and Chairman of AST
SpaceMobile. "With our Board leadership team now in place, we're
preparing for the approaching close of our business combination,
enabling our next phase of rapid growth."
The AST Business Combination was structured to provide adequate
funding to build and launch AST SpaceMobile's first phase of 20
production satellites by early 2023. These satellites are expected
to initially enable service to equatorial regions, covering 1.6
billion people and begin generating revenue in collaboration with
world-class mobile network operators that include one of our
founding and strategic technology partners, Vodafone.
AST SpaceMobile's goal, in partnership with existing
mobile operators, is to eliminate the connectivity gaps faced by
today's 5 billion mobile subscribers and finally bring broadband to
approximately half of the world's population who remain
unconnected.
Members of the AST SpaceMobile Board of Directors after closing
will include:
- Edward Knapp, Chief
Technology Officer for American Tower Corporation
- Richard Sarnoff, Partner
at Kohlberg Kravis Roberts & Company ("KKR")
- Ronald Rubin, Co-Founder
and Managing Director of Tower Alliance, LLC.
- Julio A. Torres, Managing
Partner at Multiple Equilibria Capital
- Alexander Coleman, NPA's
Chairman
These leaders will join individuals who currently serve on AST's
Board of Directors as directors of AST SpaceMobile, including:
- Abel Avellan, AST's Chief Executive Officer and
Chairman
- Thomas Severson, Chief
Financial and Operating Officer of AST
- Hiroshi Mikitani, Chairman and Chief Executive Officer
of Rakuten, Inc.
- Tareq Amin, Group
Executive Vice President and Chief Technology Officer of Rakuten,
Inc.
- Luke Ibbetson, Head of
Group R&D at Vodafone Group
- Adriana Cisneros, Chief
Executive Officer of Cisneros
Additional Information on Board Members
Abel Avellan Mr. Avellan is AST's Chairman,
founder and Chief Executive Officer since its inception in 2017.
Prior to founding AST, Mr. Avellan served as the founder and
Chief Executive Officer of Emerging Markets Communications (EMC), a
satellite-based communications services provider to maritime and
other mobility markets, from 2000 until its sale for $550 million in July
2016. Mr. Avellan has over 25 years of success in
the space industry and is the co-inventor of 24 U.S. patents.
He was the recipient of the Satellite Transaction of the Year award
by Euroconsult in 2015 and was named Satellite Teleport Executive
of the Year in 2017. A proud United
States citizen, Mr. Avellan resides in Florida with his family.
Hiroshi Mikitani is the founder, Chairman and Chief
Executive Officer of Rakuten, Inc. Founded in 1997, Rakuten Inc. is
one of the world's leading Internet service companies. Rakuten has
a dynamic ecosystem of more than 70 services, spanning e-commerce,
fintech, digital content and communications, bringing the joy of
discovery to more than 1.4 billion
members around the world. Rakuten also became
Japan's newest mobile network
operator in 2019. Mikitani was educated
at Hitotsubashi University in Tokyo, began his career in investment banking,
and earned his MBA at Harvard Business
School. In 2012, he was awarded the HBS Alumni Achievement
Award, one of the school's highest honors. In
2011, he was appointed Chairman of the Tokyo
Philharmonic Orchestra. He also serves as Representative
Director of the Japan Association of New Economy (JANE). In
2016, he was appointed Chairman and Director of Rakuten Medical,
Inc. a biotechnology company developing the
proprietary Illuminox™ platform as a new standard in
precision-targeted anti-cancer treatment technology, and also took
up the role of CEO in 2018.
Thomas Severson has served
as AST's Chief Financial Officer and Chief Operating Officer since
October 2017. Prior to such time, Mr.
Severson served as the Executive Vice President and Chief Financial
Officer of Emerging Markets Communications (EMC) from 2015 until
its sale to Global Eagle Entertainment Inc. in July 2016. Mr. Severson continued in the same
position for Global Eagle Entertainment Inc. following the
acquisition of EMC until February
2017. Prior to that, Mr. Severson worked as Chief Financial
Officer for a number of private and public companies, including
Myxer Inc., The Nicklaus Companies, American Media, Inc., Paxson
Communications, Inc. Earlier in his career, he was Chief Accounting
Officer at Sinclair Broadcast Group Inc. and a certified public
accountant with KPMG. Mr. Severson graduated magna cum laude and
has a Bachelor of Science Degree in Accounting from the
University of Baltimore.
Tareq Amin serves as Group
Executive Vice President and Chief Technology Officer of Rakuten,
Inc., one of the world's leading Internet service companies, as
well as having served as Chief Technology Officer of Rakuten
Mobile, Inc. since June 2018. With a
career in the mobile network industry of almost two decades, prior
to joining Rakuten, Amin was a key contributor to the
transformation of the mobile industry in India as Senior Vice President of Technology
Development and Automation for Reliance Jio. Prior to that,
he served as Vice President of Carrier Solutions for Huawei and as
Senior Director of National Planning & Performance at T-Mobile.
Mr. Amin also currently serves on the board of several private
companies. Mr. Amin holds a bachelor's degree in electrical
engineering and physics from Portland State
University.
Luke Ibbetson has
worked with Vodafone since 1996 and has led the Vodafone Group
Research and Development organisation since 2013, which is
responsible for all aspects of future research, including trials of
emerging technologies. Mr. Ibbetson serves on the Board of several
industry groups and initiatives, including the 5G Automotive
Alliance, and serves as Chairman of the Next Generation Mobile
Networks Alliance Board Strategy committee. Mr. Ibbetson holds a
B.Sc. in electronic engineering and a M.Sc. in telecommunications
from the University of Leeds.
Edward Knapp currently serves as the Chief
Technology Officer for American Tower Corporation. Prior to joining
American Tower in 2017, Mr. Knapp served as Senior Vice President
of Engineering at Qualcomm, where he was responsible for Qualcomm's
New Jersey Corporate Research Center, from which he managed a
global engineering team of researchers and product engineering
staff. He currently serves on the board of directors of CAR (Center
for Automotive Research). Mr. Knapp holds a B.E. in electrical
engineering from Stony Brook University, an M.S. in electrical
engineering from Polytechnic University (NYU) in New York
and an M.B.A. from Columbia
University.
Richard Sarnoff is a
Partner at Kohlberg Kravis Roberts & Company (KKR) and leads
its Media, Entertainment, and Education investing activities for US
private equity. From 2014 through 2017, Mr. Sarnoff served as
Managing Director and Head of the Media and Communications industry
group for KKR, leading investments in the Media, Telecom, Digital
Media and Education sectors in the US. Mr. Sarnoff currently
serves on the Board of Directors of Chegg, Inc., and of several
private companies for KKR, as well as a number of not-for-profit
organizations. Mr. Sarnoff holds a B.A. in Art and Archeology from
Princeton University and an M.B.A. from
Harvard Business School.
Adriana Cisneros has
served as the Chief Executive Officer of Cisneros, a global
enterprise focused on media & entertainment, digital
advertising solutions, real estate, and social leadership, since
September 2013. She served as its
Vice Chairman and Director of Strategy from September 2005 to August
2013. Since 2018, she has served on the Board of Directors
of Mattel Inc. and serves on numerous non-profit boards. Ms.
Cisneros holds a B.A. in journalism from Columbia University, a M.A. in Journalism from
New York University and a degree in
leadership development from Harvard University
Business School.
Ronald Rubin is the Co-Founder and Managing Director
of Tower Alliance, LLC, a leading provider of outsourced services
to wireless infrastructure owners. Mr. Rubin is also the Co-Founder
and Managing Director of Southcom Holdings I, LLC, which oversees
and implements wireless infrastructure investment and management
strategies in Latin America. Mr.
Rudin served as Chief Financial Officer of Global Tower Partners
from 2010 to 2013. Mr. Rubin holds a B.S. in Accounting from
American University and a M.S. in
Taxation from Florida International
University and is a Certified Public Accountant.
Julio A. Torres has
served as the managing partner at Multiple Equilibria Capital, a
financial advisory firm since March
2013. Mr. Torres has served as the Chief Executive Officer
and member of the Board of Directors of Andina Acquisition Corp.
III, since January 2019. From
August 2015 to March 2018, Mr. Torres served as Chief Executive
Officer and a member of the Board of Directors of Andina
Acquisition Corp. II, a special-purpose acquisitions company that
consummated an initial business combination with Lazy Days' R.V.
Center, Inc. From October 2011
through January 2013, Mr. Torres
served as Co-Chief Executive Officer of Andina Acquisition Corp. He
also served as a member of the board of Andina 1 from October 2011 until its merger in December 2013 with Tecnoglass Inc. and has
continued to serve on the board of Tecnoglass Inc. since such time.
Mr. Torres also serves on the board of several international public
companies. Mr. Torres graduated from the Universidad de los Andes
and received an M.B.A. from the Kellogg Graduate School of
Management at Northwestern University
and a master's in public administration from the J.F. Kennedy School of Government at Harvard University.
Alexander Coleman has
20 years of institutional private equity experience, focused
predominantly on U.S. based middle-market companies. Most recently,
Mr. Coleman has served as NPA's Chairman of the Board since
June 2019 and is the founder and
Managing Partner of Annex Capital Management LLC, a U.S. based
private equity group founded in 2004. Annex Capital focuses on
making control investments in middle-market companies in a broad
array of industries, and also acquires distressed debt and direct
equity in the secondary market. Concurrently with Annex, Mr.
Coleman was a Co-Head and Managing Partner of Citicorp Venture
Capital, Citi's New York based
leveraged buyout fund. Mr. Coleman was also a Managing Partner of
Sea Hunter, a specialized fund focused on the evolving global
cannabis market and a predecessor to Tilt Holdings. Prior to these
positions, from 1996 through to 2004, Mr. Coleman was a Managing
Investment Partner and co-Head of Dresdner Kleinwort Capital LLC,
Dresdner Bank's North American merchant banking group. While at
Dresdner, Mr. Coleman oversaw the bank's U.S. based private equity
businesses, which included control and minority equity investing,
mezzanine, distressed senior debt and, for a period of time, a
fund-of-funds program. From 1989 to 1995, Mr. Coleman worked with
several groups while at Citi, including the Media Group, the
Restructuring Group and Citicorp Venture Capital. Mr. Coleman has
served as a Director and Chairman of the Board for numerous private
and public companies, including Remy Inc., StackTeck Systems Ltd.,
Maxcess International, TeleCorp PCS, Hypercube (f/k/a KMC Telecom),
Mrs. Field's Famous Brands Inc., Gardenburger Inc., NurseFinders
Inc., Waddington International, Inc. and JAC Products, Inc. Mr.
Coleman received an M.B.A. from the University
of Cambridge and a B.A. in Economics from the University of Vermont.
Upon the closing of the AST Business Combination, AST
SpaceMobile's class A common stock is expected to trade on Nasdaq
under the ticker symbol "ASTS."
About AST SpaceMobile
AST SpaceMobile is building the first, and only, global
broadband cellular network in space to operate directly with
standard, unmodified mobile devices based on our extensive IP and
patent portfolio. Our team of engineers and space scientists are on
a mission to eliminate the connectivity gaps faced by today's five
billion mobile subscribers and finally bring broadband to the
billions who remain unconnected. Follow AST SpaceMobile on Twitter
(@AST_SpaceMobile) and LinkedIn.
About New Providence Acquisition Corp.
New Providence Acquisition Corp. is a special-purpose
acquisition company formed for the purpose of effecting a merger,
share exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses. In
September 2019, New Providence
Acquisition Corp. consummated a $230
million initial public offering (the "IPO") of 23 million
units (reflecting the underwriters' exercise of their
over-allotment option in full), each unit consisting of one of the
Company's Class A ordinary shares and one-half warrant, each whole
warrant enabling the holder thereof to purchase one Class A
ordinary share at a price of $11.50
per share. New Providence's
securities are quoted on the Nasdaq stock exchange under the ticker
symbols NPA, NPAUU and NPAWW.
Additional Information
NPA has filed a preliminary proxy statement with the U.S.
Securities and Exchange Commission (the "SEC") in connection with
the proposed AST Business Combination, and NPA will mail the
definitive proxy statement and other relevant documents to its
stockholders. This communication does not contain all the
information that should be considered concerning the AST Business
Combination. It is not intended to provide the basis for any
investment decision or any other decision in respect to the
proposed AST Business Combination. NPA's stockholders and other
interested persons are advised to read the preliminary proxy
statement, any amendments thereto, and, when available, the
definitive proxy statement in connection with NPA's solicitation of
proxies for the special meeting to be held to approve the AST
Business Combination as these materials will contain important
information about AST SpaceMobile and NPA and the proposed the AST
Business Combination. The definitive proxy statement will be
mailed to the stockholders of NPA as of a record date to be
established for voting on the Business Combination. Such
stockholders will also be able to obtain copies of the proxy
statement, without charge, once available, at the SEC's website at
http://www.sec.gov.
Participants in the Solicitation
NPA, New Providence Acquisition Management LLC and their
respective directors, executive officers, other members of
management, and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies of NPA's stockholders
in connection with the AST Business Combination. Investors
and security holders may obtain more detailed information regarding
the names and interests in the AST Business Combination of NPA's
directors and officers in NPA's filings with the SEC, including
NPA's Annual Report on Form 10-K for the fiscal year
ended December 31, 2019, which was filed with the SEC on
March 30, 2020, and such information
and names of AST's directors and executive officers will also be in
the proxy statement of NPA for the AST Business Combination.
Stockholders can obtain copies of NPA's filings with the SEC,
without charge, at the SEC's website at www.sec.gov.
AST SpaceMobile and its directors and executive officers may
also be deemed to be participants in the solicitation of proxies
from NPA's stockholders in connection with the AST Business
Combination. A list of the names of such directors and executive
officers and information regarding their interests in the AST
Business Combination will be included in the proxy statement for
the AST Business Combination when available.
No Offer or Solicitation
This communication is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy any securities or the solicitation of
any vote in any jurisdiction pursuant to the AST Business
Combination or otherwise, nor shall there be any sale, issuance or
transfer or securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10
of the Securities Act of 1933, as amended, and otherwise in
accordance with applicable law.
Forward-Looking Statements
This communication includes "forward-looking statements" that
are not historical facts and involve risks and uncertainties that
could cause actual results to differ materially from those expected
and projected. All statements, other than statements of historical
fact contained in this communication including, without limitation,
statements regarding NPA's or AST SpaceMobile's financial position,
business strategy and the plans and objectives of management for
future operations; anticipated financial impacts of the AST
Business Combination; future growth, future capital requirements,
launch timing, the satisfaction of the closing conditions to the
AST Business Combination; and the timing of the completion of the
AST Business Combination, are forward-looking statements. Words
such as "expect," "believe," "anticipate," "intend," "estimate,"
"seek" and variations and similar words and expressions are
intended to identify such forward-looking statements. Such
forward-looking statements relate to future events or future
performance, but reflect management's current beliefs, based on
information currently available.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside NPA's and AST's control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Equity
Purchase Agreement or could otherwise cause the AST Business
Combination to fail to close; (ii) the outcome of any legal
proceedings that may be instituted against NPA and AST following
the execution of the Equity Purchase Agreement and the AST Business
Combination; (iii) any inability to complete the AST Business
Combination, including due to failure to obtain approval of the
stockholders of NPA or other conditions to closing in the Equity
Purchase Agreement; (iv) the receipt of an unsolicited offer from
another party for an alternative business transaction that could
interfere with the AST Business Combination; (v) the inability to
maintain the listing of the shares of common stock of the
post-acquisition company on The Nasdaq Stock Market following the
AST Business Combination; (vi) the risk that the AST Business
Combination disrupts current plans and operations as a result of
the announcement and consummation of the AST Business Combination;
(vii) the ability to recognize the anticipated benefits of the AST
Business Combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably and retain its key employees; (viii) costs
related to the AST Business Combination; (ix) changes in applicable
laws or regulations; (x) the possibility that AST or the combined
company may be adversely affected by other economic, business,
and/or competitive factors; and (xi) other risks and uncertainties
indicated in the proxy statement, including those under the section
entitled "Risk Factors", and in NPA's other filings with the
SEC.
NPA cautions that the foregoing list of factors is not
exclusive. NPA cautions readers not to place undue reliance upon
any forward-looking statements, which speak only as of the date
made. For information identifying important factors that could
cause actual results to differ materially from those anticipated in
the forward-looking statements, please refer to the Risk Factors
section of NPA's Annual Report on Form 10-K filed with the SEC.
NPA's securities filings can be accessed on the EDGAR section of
the SEC's website at www.sec.gov. Except as expressly required by
applicable securities law, NPA disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or
otherwise.
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