Law firms Grant & Eisenhofer and Levi & Korsinsky issued the following statement regarding that disposition of investor class action AST SpaceMobile, Inc., Stockholders Litigation:

Notice is hereby provided to all persons holding shares of AST SpaceMobile, Inc. (Nasdaq: ASTS) who previously held shares of New Providence Acquisition Corp. (Nasdaq: NPA).

The purpose of this notice is to inform you about developments with respect to litigation in the Delaware Court of Chancery (the “Delaware Court”) captioned In re AST SpaceMobile, Inc., Stockholders Litigation, Consol. C.A. No. 2023-1292-PAF (the “Action”), including proposed dismissal of the Action and the time within which stockholders who have standing may move to intervene and seek to take over prosecution of the Action. This notice is being issued by Grant & Eisenhofer, P.A. and Levi & Korsinsky, LLP, who are Co-Lead Counsel to Plaintiffs in the Action.

On December 16, 2020, New Providence Acquisition Corp. (“NPA”), a special purpose acquisition company, announced that it had agreed to merge with AST & Science, LLC, with the surviving company to become AST SpaceMobile, Inc. (“ASTS”). On March 12, 2021, NPA filed Form DEFM14A (the “Proxy”) announcing that NPA stockholders could vote on the proposed merger on April 1, 2021. The Proxy further described, among other things, the terms of the proposed merger and notified stockholders of their right to redeem their shares of NPA common stock by March 30, 2021. Stockholders who did not redeem their shares became ASTS stockholders following the closing of the merger.

On December 27, 2023, Plaintiff Earnest Taylor (“Taylor”) commenced litigation on behalf of himself and a putative class of ASTS stockholders challenging the merger’s fairness and the sufficiency of the Proxy’s disclosures (the “Taylor Action”). On March 29, 2024, Plaintiff Dean William Drulias (“Drulias”) commenced litigation on behalf of himself and a putative class of ASTS stockholders challenging the merger’s fairness and the sufficiency of the Proxy’s disclosures (the “Drulias Action”). On April 29, 2024, the Delaware Court consolidated the Taylor Action and the Drulias Action into the Action, and named Taylor and Drulias lead plaintiffs in the Action. On May 29, 2024, Plaintiffs filed a consolidated and amended complaint (the “Complaint”) setting forth allegations related to, among other things, alleged omissions in the Proxy regarding ASTS’s actual value, projected financial performance, and technological capabilities.

On July 15, 2024, defendants filed a motion to dismiss the Complaint. The Delaware Court scheduled oral argument on defendants’ motion to dismiss to be held on February 3, 2025. Prior to the scheduled argument, Plaintiffs determined that they no longer wished to pursue the Action and notified the Delaware Court. The Court therefore did not proceed with the oral argument on defendants’ motion to dismiss. On February 11, 2025, Plaintiffs and defendants filed a Stipulation and [Proposed] Order of Voluntary Dismissal Pursuant to Court of Chancery Rule 41(a)(1)(ii), seeking to dismiss the Action with prejudice only as to Drulias and Taylor.

On February 18, 2025, the Delaware Court directed the parties to provide notice to members of the proposed stockholder class of the proposed dismissal and their opportunity to move to intervene and take over prosecution of the Action. The stockholder class consists of record and beneficial holders of NPA common stock who held such stock as of March 30, 2021, and through the closing of the merger (except defendants, and any person, firm, trust, corporation, or other entity related to or affiliated with any of the defendants), and their successors in interest. Only members of the stockholder class who held NPA stock and did not redeem their shares prior to the merger may be able to take over the Action.

On March 10, 2025, the Delaware Court approved the parties’ proposal (i) to issue this press release on Business Wire and (ii) to publish this press release on the Investor Relations section of ASTS’s website.

Interested parties may obtain additional information concerning the Action by contacting Co-Lead Counsel at the telephone numbers below. This notice is also available at Co-Lead Counsels’ websites at https://www.gelaw.com and https://zlk.com/. Stockholders are not to contact the Delaware Court with any questions concerning the proposed dismissal.

Stockholders have until April 14, 2025, to file the appropriate documents with the Delaware Court if they wish to move to intervene and take over the Action.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250313823883/en/