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Satellite network company AST & Science said on Wednesday it had agreed to be taken public by blank-check firm New Providence Acquisition Corp in a deal that values the combined firm at $1.4 billion including debt.
The Midland, Texas-based company, also known as AST SpaceMobile, said it plans to launch the world’s first low-earth-orbit, low-latency satellite network to connect directly to a smartphone.
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The network will help to fortify a partner mobile operator’s coverage in areas where signals are weak or undergo disruption, with users automatically switching from the land network to the space network.
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