Airspan Networks Inc., a 5G technology company, on Monday entered into a definitive business combination agreement with and into New Beginnings Acquisition Corp. or NBA, a special purpose acquisition company (SPAC). The combination is expected to have an enterprise value of nearly $822 million.
Upon closing of the business combination, expected in the third quarter of 2021, NBA will be renamed "Airspan Networks Holdings Inc.," a publicly listed company, which is expected to be listed on the NYSE American under the ticker symbol "MIMO."
The transaction has been unanimously approved by the board of directors of both NBA and Airspan, and is subject to the satisfaction of customary closing conditions, including the approval of both parties' stockholders.
SoftBank Group Capital Ltd. and Dish Network Corp. (DISH) invest in fully committed $75 million common stock PIPE with participation from other existing investors, such as Oak Investment Partners and NEA, along with other institutional investors.
The agreement is expected to provide approximately $166 million of net proceeds to the combined company to execute the company's growth plan for the inflection point of the 5G global network infrastructure buildout.
Airspan's existing stockholders will hold approximately 75% of the fully diluted shares of common stock in the combined company immediately following the closing of the business combination. Qualcomm Inc., a 5G ecosystem partner, and other existing shareholders will receive equity in the combined company.
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