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What happened
Shares of 
New Providence Acquisition (NASDAQ:NPA) dipped 15.7% in March, according to data from S&P Global Market Intelligence. Last month saw substantial stock sell-offs for many special purpose acquisition companies (SPACs), and New Providence was among those that suffered a double-digit pullback. 
New Providence announced in mid-December that it would be acquiring space-focused telecommunications company AST & Science and bringing the company public through the merger. The SPAC's share price jumped following the news and it went on to hit a lifetime high of $25.37 in February. However, market enthusiasm for growth-dependent technology stocks started to waver, and the stock is now down 50% from its high mark.

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