Why New Providence Acquisition Stock Went to the Moon Today

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Space stock New Providence Acquisition (NASDAQ: NPA) blasted off on Tuesday, closing the day up 20.9% after noted ­short seller Citron Research issued a “long” recommendation on this special purpose acquisition company (SPAC).  

To refresh your memory, New Providence is the SPAC that announced, back in January, plans to reverse-merge into itself space cellular communications company AST SpaceMobile. In so doing, it would (1) effectively execute an IPO of SpaceMobile and (2) give SpaceMobile about $462 million to use, building and launching a satellite constellation that would permit ordinary cellphones to talk with each other via space.

SpaceMobile says its satellite network is going to be “game-changing … for global mobile connectivity” and will give it access to a “$1 trillion global mobile wireless services market” with 5 billion potential customers for its services.

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